Bitcoin surpasses $90,000 for the first time since March, with 91% of wallets in profit. This price surge is attributed to substantial inflows into Bitcoin ETFs and shows increased market optimism. Key resistance is noted at $91,500, while support is identified around $83,700.
Bitcoin’s price has surged beyond $90,000 for the first time since March, suggesting renewed market momentum and increased investor confidence. This surge is based on on-chain data indicating that the majority of Bitcoin holders are now profitable, signalling a significant shift in market dynamics towards trust in Bitcoin.
The Bitcoin price climbed to a peak of $90,995, reflecting a 10% increase from its recent low of approximately $83,300, attributed to significant inflows exceeding $300 million into major Bitcoin ETFs such as BlackRock’s IBIT. The technical analysis shows Bitcoin trading above its 20- and 50-day moving averages with an impressive trading volume of $44 billion, alongside a fear & greed index at 47, suggesting a tempered optimism among investors.
Recent data from IntoTheBlock indicates that 91% of Bitcoin wallets are profitable, marking a peak for this cycle. This statistic indicates a robust recovery and confidence, especially with the Bitcoin price remaining above $90,000. The information shared via IntoTheBlock on platform X highlights a substantial rally in comparison to previous months.
Market activity suggests that whales holding over 10,000 BTC maintain a strong accumulation score of around 0.7, indicating confidence among large holders. In contrast, smaller holders (under 100 BTC) show a declining distribution trend, while those in the 10–100 BTC range are increasingly optimistic, supporting the upward price movement.
Bitcoin’s price stands at a critical juncture, closely monitoring two key levels. The Short-Term Holder Realized Price (STH RP) at $91,500 signifies strong resistance, representing the average cost of recent buyers. A breakthrough here may signify increased buying pressure, while support at $83,700, where newer holders are located, indicates a level where selling may occur to mitigate losses if breached.
