Market data suggests that 98% of Bitcoin holders are currently in profit, creating a strong optimistic atmosphere.
Nearly All Bitcoin Holders in Profit
According to research data, 98.9% of Bitcoin holders are now 'In The Money', indicating a potential bullish rally. This percentage represents 9.69 million BTC worth $2.17 trillion. Given such a large amount of Bitcoin purchased below the current market value, there is likely no sell pressure from investors, who are already in profit.
Can BTC Overcome Volatility on Road to $120,000?
All metrics indicate significant potential for a rally. The high percentage of 'In The Money' holders reflects strong market confidence, suggesting a possible increase if BTC consolidates between $108,500 and $110,500. If the trading volume remains high, the cryptocurrency could push above $112,000.
Market Sentiment Remains Optimistic
Currently, Bitcoin is trading at $109,885.92, marking a 1.69% increase over the past 24 hours. The cryptocurrency had peaked at $110,541.46 in earlier sessions. Investors are active, with trading volume rising by 30.62% to $60.96 billion. The path to $120,000, however, depends on Bitcoin's ability to overcome volatility.
In summary, current metrics show investor confidence in Bitcoin, and if market conditions remain favorable, a new record high may be reached. However, caution regarding potential trading fluctuations is advised.
