1. Bitcoin’s circulating supply in profit has increased to 60.5% following its rally above the $18,000 mark.
2. Data from Glassnode indicates that most BTC tokens were procured between the $16.5k and $18.2k price points.
3. Industry experts are debating whether this is a bear market rally or the end of the bear market.
The cryptocurrency market has been on an absolute tear the past few days, with the price of Bitcoin (BTC) shooting up past the $18,000 mark, reaching a new all-time high and pushing its circulating supply in profit to an impressive 60.5%. This is a 13% increase from the previous levels, with data from Glassnode indicating that the majority of BTC tokens were procured between the $16.5k and $18.2k price points.
The recent surge in Bitcoin’s price has caused quite a stir in the industry, with experts debating whether we are witnessing a bear market rally or the start of a new bull run. The Coinbase Premium, which is an indicator of buying pressure, is currently showing high levels of buying activity, which could be a sign that the market is finally beginning to turn around.
On the technical side, Bitcoin has managed to print a winning candle for the fourth consecutive day, indicating that the asset is in a good position to close the day with its winning streak intact. However, the asset did face rejection at the $18,300 point, which could be a sign that the bears are still lurking in the shadows.
The next few days will be crucial for the cryptocurrency market, as the market continues to be driven by speculation. If Bitcoin is able to break through the $18,300 mark and continue its upward trajectory, then it could be the start of a new bull run. On the other hand, if the asset fails to break through this level, then it could signal a bear market rally, and possibly a return to lower levels.
Regardless of what happens next, one thing is for sure: the cryptocurrency market is in a state of flux, and only time will tell whether this is a bear market rally or the start of a new bull run.