The Bitcoin supply profit has experienced a notable surge, reaching heights not seen in the past two years, according to Glassnode. The Bitcoin supply in profit reached a zenith during the recent market surge, with approximately 83.6% of the circulating Bitcoin supply, equivalent to 16.36 million BTC, now held with profits. Despite the market’s slight dip from its November 2021 peak, the unrealized profit in these coins remains relatively moderate. This recent increase in Bitcoin supply profit h
Bitcoin market sentiment
Bitcoin has been exhibiting a strong bullish trend, with buyers’ dominance pushing the price to a significant resistance level around $35K. This trend, evident from the start of 2023, has been marked by an ascending channel pattern of higher highs and lows. However, a temporary market correction seems plausible due to the rapid price surge.
On a daily analysis, Bitcoin’s upward momentum has seen it surpass its previous significant daily swing high at approximately $31.8K, leading to a n