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This week saw Bitcoin hitting $30,000, a level unseen since August, suggesting that the much-anticipated ETF could soon receive SEC approval as buyers step up their game. Additionally, with the halving event approaching, Bitcoin’s price is witnessing a significant surge in on-chain metrics. In the coming week, there’s potential for Bitcoin to not only sustain over the $30,000 threshold but also to reach new peaks.
Bitcoin Eyes $30K As 72% Holders Become Profitable
Bitcoin’s value successfully surged above the $30,000 threshold on Friday, following a week of steady support around the $28,300 mark. Encouragingly, on-chain statistics indicate that the surge has brought most BTC holders into a phase of profitability.
IntoTheBlock’s ‘Historical In/Out of Money’ analysis categorizes existing Bitcoin investors based on the prices at which they entered the market. This method contrasts their initial investment costs against present market valuations of BTC, revealing the proportion of investors who are currently experiencing gains or losses (termed as ‘In/Out of Money’).
The displayed chart indicates that, of the 48.4 million active Bitcoin addresses, 35.2 million, representing 72.72%, are currently enjoying a profitable status. Additionally, a marginal 3.7% of addresses are at a break-even point, whereas 23.5% are facing losses at present.
As more holders are now in profit, there’s a decreased chance of a selloff from buyers as they aim for big surges ahead by purchasing more Bitcoin. As a result, this can act as a catalyst in pushing the BTC price above $30K.
Furthermore, Bitcoin’s volatility has experienced a notable increase, climbing from a low of 18% to a high of 28%. This increase is appealing to traders, and with intensified buying activity from investors, it could potentially trigger more impactful price fluctuations for Bitcoin in the upcoming week, creating new opportunities and risks.
What’s Next For BTC Price?
Bitcoin managed to break through and climb above the resistance level of $30,000 recently, with the bears attempting to prevent this surge. However, buyers’ continuous purchases will hold Bitcoin’s momentum above $30K. As of writing, BTC price trades at $29,905, increasing over 1.4% from yesterday’s rate.
The 20-day exponential moving average (EMA) now sits at $27,988 is on an upward trajectory, while the relative strength index (RSI) has reached the overbought territory, signaling a bullish dominance. The purchasing side will aim to keep the price north of $30,000, gearing up to tackle the crucial resistance area that lies between $30,300 and $31,839. It is anticipated that sellers will defend this region strenuously.
The window of opportunity for the bears is narrowing. To thwart the potential rise, they must act quickly to pull the price back under $28K. Success in this, the BTC price might take a sharp dive below the 200-day exponential moving average (EMA), testing buyers’ patience at $25,500.
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