“Bitcoin’s meteoric rise continues as it aims to surpass the $30,000 mark next week, fueled by a staggering 72% of holders now in a profitable position, signaling a bullish outlook for the cryptocurrency.”
This week, Bitcoin made headlines as it reached $30,000, a level not seen since August. This surge in price suggests that the long-awaited ETF could soon receive SEC approval, which has excited buyers in the market. Additionally, as the halving event approaches, Bitcoin’s on-chain metrics are also experiencing a significant surge.
One interesting statistic is that 72.72% of Bitcoin holders are currently enjoying a profitable status. This means that more buyers are now in profit, which decreases the likelihood of a selloff. In fact, it could act as a catalyst in pushing the BTC price above $30,000. Furthermore, Bitcoin’s volatility has increased from 18% to 28%, which is appealing to traders and could lead to more impactful price fluctuations in the coming week.
Looking ahead, the next resistance level for Bitcoin is around $30,300 to $31,839. Buyers will aim to keep the price above $30,000 and tackle this crucial resistance area. On the other hand, bears will try to pull the price back under $28,000 to prevent further rise. If successful, the price may test buyers’ patience at $25,500.
Overall, Bitcoin’s recent surge to $30,000 and the potential for further growth has excited investors. The market is closely watching for SEC approval of the ETF, as well as the upcoming halving event, which could have a significant impact on Bitcoin’s price in the coming weeks.