Buy
Sell
Name Symbol Market Market Cap ($) Algorithm
TRON TRXUSD Crypto 6,103,072,994 Not Mineable
  Price Change Price Change % Current Price Bid Price Offer
  -0.000201 -0.30% 0.065865 0.065726 0.065805
High Price Low Price Open Price Prev. Close 52 Week Range
0.066288 0.06556 0.066066 0.066066 - - -
Exchange Last Trade Size Trade Price Currency
KRKN 03:18:39 500.00 0.065865 USD
Price x Volume Volume Base Symbol Related Pairs
26,088.20 395,344.70 TRX TRXEUR TRXGBP TRXBTC

70% Of Bitcoin Supply Is In Profit – Why Bulls Need To Defend This Level

18/01/2022 7:00pm

NEWSBTC


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 probable to sell their coins in order to harvest their gains. At very high values of the indicator (more than 95%), the price of Bitcoin has usually approached a top as profits are realized. On the other hand, when the metric moves down, it means more coins are entering into the red. Below certain low levels, investors may capitulate to cut their losses. However, when more than 50% of the supply is underwater, bottoms have historically formed. Related Reading | Green Energy: In NY, Bitcoin Mining Saved The Oldest Working Hydroelectric Plant Now, here is a chart that shows the trend in the value of the Bitcoin supply in profit over the last couple of years: Looks like the value of the indicator has declined recently | Source: The Glassnode Week Onchain - Week 3, 2022 As you can see in the above graph, the metric has been falling down since a few months now. And so at the moment, only around 70% of the Bitcoin supply is in profit. Related Reading | Bitcoin Miners Show Strong Accumulation As Their Inventories Spike Up The 70% level seems to have been significant historically as bulls had to defend it twice in the past two years. The first instance was shortly after the COVID crash, between May 2020 to July 2020. The other instance was 2021’s mini-bear period between May and July. The bulls came out on top during both the periods after a while of sideways movement. The report notes that the medium-term outlook of the price likely depends on how the market responds to the level this time. If more of the supply enters underwater, those in the red may finally capitulate. On the other hand, a bullish reversal can bring more Bitcoin into profit and prevent these holders from selling here. BTC Price At the time of writing, Bitcoin’s price floats around $42k, up 0.5% in the last seven days. Over the past month, the crypto has lost 8% in value. The below chart shows the trend in the price of BTC over the last five days. BTC's price has once again stumbled down in the past few days | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com

1 Year TRON Chart

1 Year TRON Chart

1 Month TRON Chart

1 Month TRON Chart
ADVFN Advertorial
Your Recent History
COIN
TRXUSD
TRON
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20220625 02:24:00