Bitcoin's Profit Heights Reaching 90%, Signaling Potential Market Shifts
Bitcoin Nearing "Exuberant Heights" as Crucial Indicator Surges, Yet There's a Catch
Ready to dive into the cryptocurrency world with U.Today? Ring the bell on Google News now!
In a recent deep dive, CryptoQuant's data analyst, Darkfost, highlighted the Bitcoin Supply in Profit, which has seen a significant surge, nearing the 90% level. This critical metric has been known to fuel bullish trends.
Amidst Bitcoin's struggle to reclaim the $95,000 peak briefly touched before plunging on Monday, this crucial report offers intriguing insights.
Bitcoin in the US Prospers, suggests Dan Tapiero, as China Gobbles Gold
Talking about Bitcoin, there's talk about gold too! Dan Tapiero sees a blooming future for Bitcoin in the United States, hinting at increased investments. Meanwhile, China is stockpiling gold reserves[3].
XRP's Volume Tanking 24% to $1.78 Billion - What's the Deal?
Can't seem to wrap your head around XRP's dropping volume? Alex Dovbnya breaks it down for you[4].
Coinbase Dropping 5 Cryptos from its Exchange - Here's the Lowdown
Coinbase, one of the major players in the crypto world, has announced its decision to drop five cryptocurrencies from its platform. Coinbase names the five[6].
Ripple Unlocks 1 Billion XRP, Introduces New Rules
1 billion XRP – a massive release, indeed! But don't worry, Ripple's got some game-changing rules to set the record straight[7].
Saylor Reveals a Magic Asset Outperforming Bitcoin this Year
Warren Buffet may have his doubts about Bitcoin, but Strategy's Saylor sees an asset that outruns Bitcoin in 2021[8].
The Bitcoin Supply in Profit: What You Need to Know
Known as the "Supply in Profit," the portion of circulating BTC's supply currently priced higher than at the time of purchase or last movement, has been the center of attention. CryptoQuant shared Darkfost's chart, signaling the rising metric is approaching the 90% level.
Darkfost explained that historically, the supply in profit crossing the 90% line consistently triggers bullish phases. As we get closer to that level, the market may react bullishly[2].
According to a post on Darkfost's personal Twitter page, if the growing supply in profit indicates bullish prospects, be aware - these bullish phases can be short-lived and may lead to medium-term corrections[2]. In essence, while the increased supply in profit suggests a healthy market and high investor confidence, it can also bring an increased risk of sell-off and potential market corrections.
#Bitcoin
(If you need more context, the 90% threshold for Bitcoin Supply in Profit marks a significant moment in the market. It suggests a strong investor confidence with high profit, yet also signals increased selling pressure due to potential profit-taking or even capitulation events, which might lead to correction. These euphoric phases can be short-lived and could be followed by a period of market corrections.)
- The increasing Bitcoin Supply in Profit, approaching the 90% level, is a critical metric that has historically fueled bullish trends, according to CryptoQuant's data analyst Darkfost.
- As the Bitcoin Supply in Profit reaches the 90% level, the market may react bullishly, suggesting high investor confidence and possible market shifts, but it also indicates increased selling pressure due to potential profit-taking or capitulation events, which might lead to correction.
- The rising Bitcoin Supply in Profit, seen as a significant moment in the market, suggests a strong investor confidence with high profit, but it also signals increased risk of sell-off and potential market corrections.
