Source: Cointelegraph.com NewsKey takeaways:<\/p>\n
Bitcoin supply in profit has climbed back above 85%, nearing the classic euphoric area.
\nOnchain data shows strong accumulation from new and momentum buyers with minimal profit-taking.
\nBitcoin could rally toward $110,000\u2013$115,000 helped by a \u201cmax buying\u201d zone.<\/p>\n
Bitcoin (BTC) is charging toward a potential new all-time high near $115,000, as a surge in profitable supply signals growing bullish momentum and a classic setup for market euphoria. Source: Cointelegraph.com NewsKey takeaways: Bitcoin supply in profit has climbed back above 85%, nearing the classic euphoric area. Onchain data shows strong accumulation from new and momentum buyers with minimal… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128187"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128187"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128187\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128187"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nNearly 87% of Bitcoin supply in profit
\nAs of April 28, approximately 86.9% of all Bitcoin coins were in profit, according to on-chain data resource CryptoQuant.
\nHistorically, the metric\u2019s climb into the 85\u201390% range has signaled a transition from healthy optimism to speculative euphoria among traders.
\nBetween October and December 2024, for instance, Bitcoin\u2019s price climbed from around $80,000 to over $100,000, a rally coinciding with Bitcoin\u2019s profitable supply rising from under 80% to as high as 99%.
\nBitcoin percent supply in profit. Source: CryptoQuantIn his April 28 post, CryptoQuant-based analyst DarkFrost reminded that Bitcoin\u2019s euphoric phases may not last for longer timeframes, leading to sharp corrections as holders begin realizing gains.
\nBTC\u2019s price established a record high of nearly $110,000 in January, with its profitable supply hitting 99%. But the cryptocurrency dropped by over 30% afterward. Similar profit-taking behaviors have led to price corrections in the past, as shown above.
\n\u201cCurrently, the supply in profit has climbed back above 85%, which is fairly positive,\u201d DarkFrost writes, noting that its recovery from the recent bottom of 75% is still better when compared to 45-50% lows witnessed during bear market corrections.
\nBesides, the BTC supply in profit still remains below 90%. Crossing above 90% has historically preceded profit-taking behavior among traders, suggesting that there\u2019s more room to grow for BTC prices in the coming days.
\nDarkFrost argues:
\n\u201cOf course, there are certain levels that are more “comfortable” than others, but generally, an increase in the supply in profit tends to fuel bullish phases.\u201d
\nAdditional onchain data also supports the bullish outlook. Bitcoin\u2019s First Buyers and Momentum Buyers are actively accumulating, while Profit Takers remain relatively quiet, according to Glassnode metric tracking BTC\u2019s cumulative supply per cohort.
\nBTC relative strength index of cumulative supply per cohort. Source: GlassnodeThis means fresh demand is coming in without heavy selling, a key ingredient for keeping the rally strong as anticipated by DarkFrost in the analysis above.
\nBitcoin \u201cmax buying\u201d zone hints at $115,000
\nIn late April, Bitcoin bounced strongly from the $89,000\u2013$90,000 support zone, a key horizontal level from prior price action strengthening the case for more upside.
\nThe area, according to chartist CryptoCaesarTA, now acts as a \u201cmax buying\u201d zone where buyers have aggressively stepped in to limit Bitcoin\u2019s drawdowns.
\nBTC\/USD weekly price chart. Source: TradingView\/CryptoCaesarTABelow it, the $70,000\u2013$72,000 region remains untested, aligning closely with the long-term ascending trendline. If Bitcoin faces deeper pullbacks, this zone could serve as a critical secondary support.
\nFor now, Bitcoin\u2019s resilience above $90,000 keeps the bulls firmly in control.
\nRelated: 5 Bitcoin charts predicting BTC price rally toward $100K by May
\nA breakout above the $100,000 psychological barrier could pave the way toward new all-time highs at $110,000\u2013$115,000, according to CryptoCaesarTA. The upside target aligns with previous resistance highs and a so-called “weak high” zone on the weekly chart above.
\nThis article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"