• Over 78% of BTC holders were realizing profit on their investments.
• The crucial $35,000 level held the key to Bitcoin’s next direction.

Bitcoin [BTC] flirted with the $35,000 mark lately, indicating a fierce battle between the bulls and the bears at the key level.

As per on-chain analytics firm IntoTheBlock, the level was breached twice over the last week. While BTC was trading slightly lower at the time of writing, the prospect of a large breakout was boosted by certain bullish on-chain signals.

Bitcoin in a state of profit

IntoTheBlock stated that over 78% of BTC holders were realizing profit on their purchases. This assertion made sense after AMBCrypto scrutinized the popular NUPL indicator from Glassnode.

Typically, values above zero indicate a state of net profit. Moreover, the numbers suggested that market sentiment was tilting towards optimism.

Another way to assess market profitability was by examining the Spent Output Profit Ratio (SOPR). Note that unlike the NUPL that tracks unspent supply, SOPR looks at coins tha

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Author: Aniket Verma

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