Bitcoin Surpasses $117,000 with Over 95% Supply in Profit
- More than 95% of Bitcoin‘s circulating supply is currently profitable as its price exceeded $117,000.
- The market is experiencing an extended euphoria phase marked by widespread profitability among holders and increased volatility.
- Analysts note that high profitability levels often precede increased sell-side pressure, aligning with historical distribution patterns during peak bullish sentiment.
- Recent price consolidation bands have become focal points for potential rebounds, with key resistance levels influencing short-term bullish resets.
Trading Analysis
Trading Signal: NEUTRAL (Score: +3)
High profitability suggests potential sell-side pressure but no immediate bearish triggers identified.
Price Levels:
Current: $117,000
Support: Not specified | Resistance: Not specified
24h/Recent Range: Not specified
Catalysts & Timeline:
• Near-term: None mentioned
• Upcoming: None mentioned
Risk Assessment:
• High profitability may lead to increased sell-side pressure
The recent surge in Bitcoin’s price has resulted in over 95% of its circulating supply being profitable. The market’s euphoria phase and potential sell-side pressures are key factors influencing the current trading outlook for $BTC.
Source (3.2)https://cryptobriefing.com/glassnode-reports-bitcoin-supply-profitable-price-surpasses-117k/?rand=59535
