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    94% of all Bitcoin in profit hints that $69K BTC price was a local top

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    Almost all, or 94%, of Bitcoin owners are currently profiting from their holdings, as Bitcoin’s value recently soared to $69,000. Most purchases occurred when the price was around $55k. Despite a temporary dip in value to $67,200, market experts are positive that the momentum is still upward. Additional help may come from the US spot Bitcoin exchange-traded funds (ETFs), which saw investments increase to $21.2 billion in 11 days.

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    Hey there! Almost all Bitcoin owners, about 94% of them, are now making profit since Bitcoin’s value went above its all-time high this year at $69,000. But the question is – will this lead to people taking out their profit because of this milestone value?

    Let’s take a closer look! Data from CryptoQuant, a market intelligence company, analyzed by Axel Adler Jr, states that 94% of Bitcoin’s supply is currently making a profit. Most Bitcoins were bought when the price was around $55K.

    Holders who bought Bitcoins recently, especially during the slow market periods, are now reaping the rewards. Analyst Checkmate mentioned that most of them now have their investments “back in the money” thanks to Bitcoin’s rise in value.

    Usually, when Bitcoin’s value goes up too quickly, people tend to sell, leading to a price drop. A similar situation happened just recently – towards the end of September, Bitcoin’s value went down by 8.7%, from $65,800 on Sept. 28 to below $60,000 on Oct. 3. This is because investors and traders decided to cash out short-term profits. You could also see the same pattern in March 2024 when values went down by 23% after hitting record highs above $73,800.

    Despite these trends, Bitcoin’s value started to struggle at $69,000. Currently, Bitcoin’s value is experiencing a major barrier or resistance at the $69,000 price level, according to Japanese trader Jusko Trader. In his post, the expert mentioned this value has held strong for the past six months. At present, Bitcoin’s value is at $67,200, a bit lower but still close.

    Don’t sweat it though – Jusko Trader believes this minor value drop is just a “healthy” pull back, and the momentum for Bitcoin’s value to increase is still present. If Bitcoin does manage to raise its value above $68,000, short position trades worth $1.65 billion stand to be liquidated.

    On the positive side, Bitcoin’s value could get some help from the US spot Bitcoin exchange-traded funds (ETFs) which have been continuously receiving more investments. In a span of 11 days from Oct. 11, investments in US spot BTC ETFs went up to $21.2 billion. This is good news – it could be just what we need to push Bitcoin’s value past that $68,000 mark.

    As a friendly reminder, trading and investing always carry a risk, so you should always study and do your own research before you decide to dive in!

    Source: Cointelegraph

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