Bitcoin Supply In Profit Hits 1-Year High As BTC Tries To Breach $12K
While the price of Bitcoin [BTC] has been trying to push past $12K, the total Bitcoin supply in profit hit a yearly high as it soared up to a little more than 95 percent.
Bitcoin, the first and the largest cryptocurrency in terms of both price and market cap has been dominating the crypto-verse for the longest time now. Despite its price slump during the peak of COVID-19, Bitcoin bounced back into form and broke through both the $10K and $11K zone. This was considered a huge milestone for the king coin as these two zones were considered major resistance points.
After pushing past $11K, Bitcoin seems to be trying hard to breach $12K. While the king coin has been making attempts in full swing, the total supply in profit of BTC hit a yearly high. As per online analytics platform, Glassnode, the BTC percent supply in profit reached 95.352 percent.
The chart indicated that the “percentage of circulating supply in profit, i.e. the percentage of existing coins whose price at the time they last moved was lower than the current price.”
Bitcoin To Soon Hit $12K?
Last year, around this time, the supply in profit of Bitcoin was at a similar level. Similar to the the supply in profit, the price of the king coin also witnessed a similar trend.
During the same time last year, the price of Bitcoin was seen trying to breach $12K as it went up to a high of $11,905. However, it failed to do so. But key indicators have been hinting the strong presence of bulls in the market. This further strengthened the possibility of the king coin pushing past $12K.
The MACD line crossed over the signal line back in the beginning of July and prolonged its stay in the same zone. While the MACD line lounged over the signal line, it indicated the strong presence of bulls in the market. Additionally, the Relative Strength Index [RSI] was also seen in the overbought zone. The RSI marker was way above the 50 median exactly at 72.11, during the time of writing.
At press time, Bitcoin was trading at $11,762.92 with a 0.21 percent drop in its price.
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Sahana Kiran is a graduate in Political Science, Economics and Journalism. She is a full-time crypto writer at CoinGape and takes a keen interest in cryptocurrencies, especially Ethereum and Bitcoin. Even though she’s not a HODLER yet, she has eyes on Bitcoin. Published at Fri, 07 Aug 2020 13:22:29 +0000
