The post With 95% of BTC Supply in Profits, Can Bitcoin Price Form a New ATH Above $70,000? appeared first on Coinpedia Fintech News
In a splendid and unexpected move, the Bitcoin price soars by over $4000 in a day to hit a high of $64,000 during the previous trading day. With this, the market sentiments have turned extremely bullish, with greed slowly piling up among the traders. The market participants now appear to be hopeful of the price reaching a new milestone but the bulls are required to display their strength for some more time, which could validate a run towards $100K.
The BTC price marked its journey from levels below $16,000 to $64,000 in 16 months and appears to have overcome all the bearish pressure. However, a major obstacle may be awaiting the BTC price; if cleared, the ongoing bull run may receive the required boosts.
The onchain data shows the BTC supply in profit has reached the levels that have led the price to mark the top in 2021. The metric ‘supp
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