The recent surge in Bitcoin prices has also led MicroStrategy to achieve profitability with its $44 billion Bitcoin holdings.Earlier today, Bitcoin experienced a significant breakthrough, with prices rising by over 12%, all the way up to $35000
The recent surge in Bitcoin prices has also led MicroStrategy to achieve profitability with its $44 billion Bitcoin holdings.
Earlier today, Bitcoin experienced a significant breakthrough, with prices rising by over 12%, all the way up to $35000. Market analysts have consistently stated that this may be the beginning of the next bull market for Bitcoin before the next halving in mid-2024.
Most Bitcoin holders are profitable
On chain data shows that nearly 4/5 of Bitcoin holders are in a profitable state. As Bitcoin effortlessly soars to the $30000 mark, on chain data shows that impressive 80% of holders are currently in a profitable state, a level that has never occurred since the peak of the bull market in 2021. So, this also increases the risk of pre booking profits.
However, IntoTheBlock's on chain data shows that as Bitcoin approaches $40000, there will be no significant on chain resistance level, and in a pullback, the $30000 level may become strong support.
Another noteworthy trend is that the number of BTCs held by short-term holders has increased by 27% in the past 30 days, which is a common scenario in the bullish stage. As the value of Bitcoin continues to rise, short-term traders and novices are actively acquiring Bitcoin.
As BTC prices exceed $30000, MicroStrategy, the world's largest Bitcoin enterprise holder, sees its Bitcoin holdings begin to profit. Now, with yesterday's price increase, MicroStrategy has made a 10% profit on its $4 billion Bitcoin holdings.
Bitcoin prices are about to face resistance
BTC has formed a support level within the price range of $25000 to $30000. According to the UTXO Realized Price Distribution (URPD) model, the main resistance levels for BTC are expected to be $38440 and $47360.
A popular Bitcoin commentator Whalewire called this a FOMO rebound among retail investors and could lead to greater price adjustments in the future. The analyst pointed out that in the past bear market cycles, Bitcoin has surged more than 200% across the board before eventually falling to a new low.
The recent rebound seems to be another deceptive rise, possibly driven by ETF speculation, aimed at attracting more participants before the next sharp decline. It should also be noted that the number of new Tether releases increased significantly last week. Whalewire suggests that its followers either take profits or temporarily wait and see.
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