The world’s largest cryptocurrency has shot up another 5%% on Sunday eve moving past $47,000 for the first time in three months. As of press time, BTC is trading 4.93% up at a [rice of $47,943 with a market cap of $891 billion.
With its latest move, Bitcoin has given a major breakout above the resistance of $45,925. As we can see the candle formation in the below image, Bitcoin is now making a move towards its 200-day moving average (DMA) of $48,278.
As on-chain data provider Santiment explains, Bitcoin has returned past $47K levels for the first time in 11-weeks after January 4. In the last three months, Bitcoin has been through a rough journey of inflation, war, and COVID-19 fears, but managed to overcome all. As of now, the average trading returns for Bitcoin are at their highest in 6 weeks.
Furthermore, data from Glassnode also shows that a staggering 81% of Bitcoin supply is currently in profit.
According to glassnode, the percent supply in profit of BTC has