Bitcoin’s (BTC) recent price surge, which has seen the cryptocurrency increase by 10% over the past seven days, has placed 95% of its holders in profitable positions. This upward momentum suggests that Bitcoin could be on the verge of hitting a new all-time high.

Currently, the price is close to retesting the  $70,000 mark. This on-chain analysis explains how the coin could climb beyond this level and what it could mean for investors. 

Bitcoin’s Uptober Gets Back on Track

Bitcoin’s price action in October initially raised concerns, as it dropped from $63,000 to below $59,000. This led to doubts about the potential of the traditionally bullish “Uptober.” However, since mid-October, Bitcoin has rebounded, and the positive momentum suggests the possibility of a strong end to the month.

Based on the Global In/Out of Money (GIOM) data, BTC is in a strong position to make further gains. The GIOM identifies the average price at which coins were purchased and compares it with the current price. If the weighted on-chain cost basis is higher than the current price, then addresses are at a loss.

Conversely, if the current price is higher than the purchase price, then addresses are in profits. From a price perspective, the higher the cluster of addresses or volume, the stronger the support or resistance.

Read more: 5 Best Platforms To Buy Bitcoin Mining Stocks After 2024 Halving

Currently, only 994,100 addresses (holding approximately 630,000 BTC) are in unrealized losses, which is significantly lower than the number of profitable addresses. 

Historically, when the majority of holders are in profit, it often correlates with bullish trends. Therefore, it is likely that the coin might break beyond the average purcha

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Author: Victor Olanrewaju