Crypto flagship asset, Bitcoin currently struggles with upside momentum following a recent sharp rundown in the general market, and facing significant resistance at the $103,000 level. Despite the waning price performances, profitability has been increasing, with a considerable amount of the coins now in profit.
A Significant Rise In Bitcoin In Profit
Axel Adler Jr., a seasoned technical expert and verified author has reported an encouraging shift in Bitcoin’s market dynamics and sentiment. Even though the flagship asset recently faced a price pullback, there has been a massive rise in investors’ profitability.
In the X post, Axel Adler highlighted that the amount of Bitcoin held in profit has witnessed a sharp upsurge. On-chain data shows an increase of 5.9 million BTC, bringing the overall coins at profit to about 19.7 million. The spike in profitability has lasted several months, particularly since September, when BTC’s strong rally toward new highs kicked off.
It is worth noting that the supply in profit dropped to 16.5 million BTC during the most recent price drop below $90,000. Simply put, about 3.2 million BTC went from profit to loss following a drop from $109,000 to $89,000. However, the figures appear to have risen again as BTC slightly recovers from the notable decline.
This increase showcases the crypto asset’s robust price movements in recent months. It also signals renewed investor confidence as a substantial amount of BTC’s supply is now above its acquisition cost.
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Author: Godspower Owie
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