- As Bitcoin easily surpassed the $30,000 threshold, on-chain data shows that 80% of holders are currently in profit, a level not seen during the 2021 bull market peak.
- Another notable trend is a 27% increase in the amount of BTC held by short-term holders in the last 30 days, which is a typical feature of bull periods.
- According to the UTXO Realized Price Distribution (URPD) model, the next major resistance levels for BTC are expected to be $38,440 and $47,360.
After the sudden and excellent increase in the price of Bitcoin, most of the investors have now made a profit; What awaits the BTC price next?
Bitcoin Owners Make Profit With Price Rise
Bitcoin has experienced a substantial increase, currently trading at over $35,000, thanks to its recent sharp and perfect increase in price. Market analysts suggest that this situation could mark the beginning of the next Bitcoin halving, expected to occur in mid-2024.
On-chain data reveals that nearly three-quarters of all Bitcoin holders are now in profit. As Bitcoin has comfortably surpassed the $30,000 threshold, on-chain data indicates that 80% of holders are currently in profit, a level not seen during the peak of the 2021 bull market. However, this also raises the risk of future profit realization.
IntoTheBlock’s on-chain data, however, shows that Bitcoin does not have a prominent on-chain resistance level as it approaches $40,000. In the event of a pullback, the $30,000 level is expected to serve as strong support.
Another notable trend is a 27% increase in the amount of Bitcoin held by short-term holders in the last 30 days, which is a typical characteristic of bull markets. Short-term traders and newcomers actively buy Bitcoin as its value continues to rise.
MicroStrategy, the world’s largest company holding Bitcoin, saw its Bitcoin assets turn profitable when the BTC price exceeded $30,000. Currently, after yesterday’s price rally, MicroStrategy is sitting on a 10% profit on its $4 billion Bitcoin holdings.
Upcoming Bitcoin Price Resistance Levels
BTC has established strong support in the price range of $25,000 to $30,000. According to the UTXO Realized Price Distribution (URPD) model, the major resistance levels expected for BTC are $38,440 and $47,360.
A prominent account known as Whalewire labeled this as a FOMO rally among retail players, indicating that it could lead to more significant price corrections in the future. The analyst pointed out that in previous bear market cycles, Bitcoin witnessed substantial increases of over 200% before finally leading to new downturns.
This recent rally appears to be another misleading rise driven by ETF hype, likely designed to attract more participants before a more substantial decline later. It’s also crucial to consider the significant increase in newly minted Tether amounts in the past week. Whalewire is currently advising followers to consider taking profits or staying on the sidelines.
