The vast majority of Bitcoin (BTC) supply now makes a profit after its price reaches $ 11,400, according to the data.
Tracked by the Glassnode on-chain monitoring facility, as of July 27, nearly 95% of Bitcoin’s supply is now worth more than when it was last moved.
Bitcoin’s profitable days reached 97.7%
Monday’s figure almost coincides with the previous high in June 2019, at the height of Bitcoin’s price surge that topped $ 13,800.
Bitcoin percentage supply on 3-year profit chart. Source: Glassnode
This time, however, multiple factors differentiate the market from how it looked a year ago. No less important, macroeconomic sentiment has been reversed: The US dollar has weakened and investors have flooded into safe havens of gold and silver.
Moving away, Bitcoin has remained profitable for 97.7% of its useful life in daily terms, according to data from LookIntoBitcoin.
Bitcoin profitable days lifespan chart. Source: LookIntoBitcoin
BTC bulls “are not done yet”
Despite the profitability and returns of Bitcoin exploding in the second quarter, data from the exchanges have yet to reveal massive sales at a certain price point. Entries increased on Monday, but the pressure is still manageable.
Cointelegraph Markets analyst filbfilb has highlighted $ 10,400 as a solid area of buyer support.
“There are big bidders around $ 10,400. I have final stops on site, but I will have to look after the children in case it looks like a wick, ”he told traders.
Filbfilb added that he had entered a long position as he “is not convinced that the bulls have finished yet” at $ 11,000.
