Bitcoin Poised for Growth as Profitable Supply Share Rises
- Bitcoin’s profitable share has surpassed the 365-day moving average, reaching 86.4%.
- CryptoQuant experts see this as a sign of increasing investor optimism and reduced selling pressure.
- The recent Federal Reserve interest rate cut has contributed to Bitcoin’s value surge, crossing $64,000 on September 23, 2024.
CryptoQuant expert Julio Moreno emphasized that crossing the 365-day moving average is a key inflection point, often leading to further price increases.
The rise in Bitcoin’s profitable supply and the Federal Reserve’s supportive monetary policy bode well for Bitcoin’s future, suggesting continued positive momentum ahead.
