Credit: Original article published by Coingape.


While the price of Bitcoin [BTC] has been trying to push past $12K, the total Bitcoin supply in profit hit a yearly high as it soared up to a little more than 95 percent. 

Bitcoin, the first and the largest cryptocurrency in terms of both price and market cap has been dominating the crypto-verse for the longest time now. Despite its price slump during the peak of COVID-19, Bitcoin bounced back into form and broke through both the $10K and $11K zone. This was considered a huge milestone for the king coin as these two zones were considered major resistance points.

After pushing past $11K, Bitcoin seems to be trying hard to breach $12K. While the king coin has been making attempts in full swing, the total supply in profit of BTC hit a yearly high. As per online analytics platform, Glassnode, the BTC percent supply in profit reached 95.352 percent.

Source – Twitter | Glassnode Alerts

The chart indicated that the “percentage of circulating supply in profit, i.e. the percentage of existing coins whose price at the time they last moved was lower than the current price.”

Bitcoin To Soon Hit $12K?

Last year, around this time, the supply in profit of Bitcoin was at a similar level. Similar to the the supply in profit, the price of the king coin also witnessed a similar trend.

Source – CoinMarketCap | Bitcoin Chart

During the same time last year, the price of Bitcoin was seen trying to breach $12K as it went up to a high of $11,905. However, it failed to do so. But key indicators have been hinting the strong presence of bulls in the market. This further strengthened the possibility of the king coin pushing past $12K.

Source – BTC/USD on Trading View

The MACD line crossed over the signal line back in the beginning of July and prolonged its stay in the same zone. While the MACD line lounged over the signal line, it indicated the strong presence of bulls in the market. Additionally, the Relative Strength Index [RSI] was also seen in the overbought zone. The RSI marker was way above the 50 median exactly at 72.11, during the time of writing.

At press time, Bitcoin was trading at $11,762.92 with a 0.21 percent drop in its price.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.



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