Bitcoin Supply in Profit Rises Above 85%— Is Euphoria Setting In?
Bitcoin is trading above $94,000, recovering from a recent correction but remains 12.7% below its all-time high. Investors are watching resistance levels near $100,000. On-chain metrics indicate a significant increase in the Bitcoin supply currently in profit, which has risen above 85%, up from 75% during the last correction. Historically, levels above 90% have coincided with market euphoria, suggesting potential for accelerated price rallies but also short- to mid-term pullbacks. Analysts are monitoring these profitability levels for trend reversals and volatility. Additionally, leverage ratios and RSI data indicate reduced market aggression, with current RSI swings higher than during the summer of 2021, suggesting a shift towards more organic market movement.
