The vast majority of the Bitcoin offering (BTC) benefited after the price rose to $ 11,400to reveal new data.
According to the monitoring of the chain monitoring resource Glass knotfrom July 27th Almost 95% of the Bitcoin offer is worth more than the last move.
Bitcoin winning days reached 97.7%
Monday’s number is almost in line with the June 2019 record, which peaked at Bitcoin’s price hike when it hit $ 13,800.
Graph of the percentage of Bitcoin supply in the 3-year profit. Source: Glassnode
But this time Several factors differentiate the market from its appearance a year ago. In particular, the macroeconomic mood has reversed: The dollar has weakened and investors have sought refuge in gold and silver.
In terms of profitability, Bitcoin has remained profitable for 97.7% of its daily usageaccording to LookIntoBitcoin data.
Bitcoin lifespan day chart. Source: LookIntoBitcoin
BTC bulls “have not yet given up”
Despite Bitcoin’s profitability and returns, which exploded in the second quarter, Stock market data still doesn’t show massive sales at a certain price. Revenue rose on Monday, but the pressure is still manageable.
Filbfilb, an analyst at Cointelegraph Markets, said $ 10,400 is a solid area of buyer support.
“There are great deals for around $ 10,400. I have tracking stops installed, but I need to babysit if it looks like a wick,” he told the dealers.
Filbfilb added that he took a long position since he is not convinced that the bulls are happy with $ 11,000.