70% Of Bitcoin Supply Is In Profit – Why Bulls Need To Defend This Level
On-chain data shows about 70% of the total Bitcoin supply is currently in profit, a level that has historically been important for bulls. Around 30% Of Total Bitcoin Supply Is Now Underwater As per the latest weekly report from Glassnode, the percentage of BTC supply in profit has now fallen off to just 70%. The “percent of supply in profit” is an indicator that measures the percentage of the total Bitcoin supply that’s currently in the green. When the value of this metric increases, it means more coins have started to get into profit. This leads to holders becoming more....
Related News
A historically significant 30% of the Bitcoin supply is now held at a loss — and that has ended in a bullish rebound twice since March 2020. Bitcoin (BTC) hodlers face a crucial week in more ways than one as $42,000 rekindles a familiar battle.As noted by on-chain analytics firm Glassnode on Monday, 30% of the BTC supply is now at a loss — historically, this has been a key number to defend for bulls.Mixed opinions on rebound chancesBitcoin's descent from $69,000 to current levels — at one point over 40% — is nothing unusual, but for long-term investors, there is a specific reason to hope....
Bitcoin has seen some mixed price action as of late, with bulls struggling to defend the cryptocurrency against a break below $40,000 as bears try to reverse its momentum The crypto’s ability to hold above this level is promising, but it remains unclear as to how long it will hold If bulls can flip this previous resistance level into support, it could prove to be a strong base for the crypto to grow upon in […]
The Bitcoin price is now trading below the $19,000 level after the bulls failed to defend the coin at the aforementioned level. Over the last 24 hours, BTC fell by 1.2%, indicating that the coin was laterally trading. In the past week, the Bitcoin price has depreciated 6%. Buying strength continued to remain low on the one-day chart. Sellers have taken over, and it has been the same for almost a week. If the price of Bitcoin continues in this direction, the coin may fall to its immediate support zone. If the bulls have to defend BTC at the current price level, then buyers have to come....
Ethereum has been caught in a wild bout of turbulence these past few days, primarily because of its recent breakout rally that allowed it to gain serious ground against Bitcoin The cryptocurrency has been able to flip the crucial $1,000 level into support, and bulls are in the process of defending it presently It is imperative that bulls can continue defending this level in the near-term, as any dip below it could lead to a […]
On-chain data shows the Bitcoin supply in profit has dropped to just 55% recently. Here’s what historical trend suggests regarding if a bottom has already been hit or not. Around 45% Of The Bitcoin Supply Is Underwater Right Now As pointed out by an analyst in a CryptoQuant post, during past cycles the supply in […]