Categories: Bitcoin News

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…

advertisement

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.

Advertisement

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.

Source – Twitter | Glassnode Alerts

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.

Advertisement
Source – CoinMarketCap | Bitcoin Chart

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.

Source – BTC/USD on Trading View

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.

To get the daily price analysis, Follow us on TradingView

Sahana Kiran

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.

Recent Posts

ETH Supply in Smart Contracts Leads That on Exchanges With Huge Margin, Thanks to DeFi

On-chain data analytics provider Galssnode has come up with an interesting observation for ETH supply!…

1 day ago

DeFi Mania Continues to Catalyze DEX’s Volume

Decentralized exchanges [DEXs] has recorded phenomenal growth in 2020. And it is not the user…

2 days ago

CrossFi Solutions Can Overcome the DeFi Hype in Building a Sustainable Future for Decentralized Finance

Decentralized Finance (DeFi) is no-brainer the crypto ‘buzzword’ of 2020, this space has experienced tremendous…

2 days ago

Security Risks in DeFi (Decentralized Finance)

Decentralized finance has been the talk of the town for the last few months, seeing…

2 days ago

Bitcoin Trading Volume on Bakkt Peaks Again as September Expiration Approaches

Bakkt recently had witnessed a peak in the trading volume of physically-settled bitcoin futures on…

2 days ago

Bitcoin To 10x From These Levels Says Analyst, Predicts Other Giants to Follow MicroStrategy

Business Intelligence Firm MicroStrategy created a massive buzz by announcing BTC purchase worth $425 million.…

2 days ago