Majority of Bitcoin Holders in Profit as BTC Rallies Near ATH of $73,737, Breakthrough Imminent?
thecryptobasic.com 29 July 2024 17:09, UTC Bitcoin nears its all-time high of $73,737, with 93% of holders in profit; minimal resistance and bullish sentiment confirm the potential for further gains.
In a recent post on X, analytic platform IntoTheBlock highlighted that almost all Bitcoin holders are now profitable, indicating a favorable market sentiment and minimal on-chain resistance.
This emerged as Bitcoin briefly reclaimed the $70K threshold a few hours ago before settling at around $68K. At this price, 93% of Bitcoin holders are in profit, with only 2% at a loss, while 5% are neither in loss nor profit.
The image accompanying the update from IntoTheBlock highlighted the distribution of investors that bought BTC between $59,016 and $72,500. The large green clusters show a significant number of BTC addresses in profit within the range of $59,015 to $69,455.
This profitability suggests that most investors bought at lower price points, contributing to the overall positive market sentiment.
Meanwhile, the smaller red clusters suggest current losses for those who bought Bitcoin between $69,528 and $72,500. Given the small size of these clusters, they indicate minimal on-chain resistance above the current price.
This lack of significant sell pressure suggests the potential for continued price growth. If BTC breaks through the current resistance levels, it could pave the way for a retest of its all-time high and potentially new highs. Notably, Bitcoin is only 6.53% shy of its all-time high of $73,737.
Market Sentiment Gains Boost with Bitcoin
Market sentiment is another critical factor supporting the potential breakthrough. For instance, Santiment’s analysis shows that Bitcoin’s 20% price rally over the past three weeks has significantly boosted trader sentiment.
According to Santiment, there is a notable spike in weighted sentiment, which is now nearly five times above the normal standard deviation. This marks the highest level of bullish commentary since March 2023. This surge in positive sentiment indicates growing confidence among traders, who now expect further gains and new all-time highs.
Technical Indicators Confirm Room for BTC Growth
Technical indicators also point to bullish signals. Data from TradingView shows that as BTC trades around $69,000, it has broken above the Ichimoku Cloud, a strong bullish sign.
The Relative Strength Index (RSI) at 65.99 is in the bullish zone but not yet overbought, indicating room for further growth. On the other hand, the accumulation/distribution line shows steady accumulation, reflecting strong buying interest among investors.
Dormant Bitcoin Whale Nets 541,265% Profit
Amid these developments, a recent report by The Crypto Basic reveals that several dormant Bitcoin whales have awakened. One Bitcoin wallet, which held 37 BTC, was reactivated after being dormant for 11.8 years.
Back in 2012, these 37 BTC tokens were valued at just $476. Today, this portfolio is worth $2,576,901, thanks to Bitcoin’s surge to $70,000. This reactivation represents a return on investment of over 541,265%.
During this report, Bitcoin is up 0.8% by the day and 2.45% by the week, pushing its price to $68,378.
