Bitcoin’s $100K Surge: Supply in Profit Hits Euphoric High—What’s Next for BTC’s Value?
Bitcoin just crossed a psychological Rubicon—nearly all circulating supply is now in profit. The last time this happened? Right before the 2021 bull run. Cue the champagne corks popping at hedge fund offices.
Market euphoria or sustainable rally? Glassnode data shows 95% of BTC supply is now ’in the money’—a level historically followed by either parabolic gains or brutal corrections. No pressure, Satoshi.
Meanwhile, Wall Street analysts are dusting off their ’this time it’s different’ PowerPoint decks. Because nothing says ’sound investment thesis’ like FOMO-driven price targets.
Key question: Does this metric signal overheated markets, or is Bitcoin finally shaking off its ’volatile asset’ reputation? The next 30 days will separate the diamond hands from the bag holders.
Bitcoin May Face Resistance Ahead
As per CoinMarketCap, BTC has added over $130 billion to its market cap this past week, climbing roughly 7.5%. Despite this, the cryptocurrency’s 30-day Demand Momentum remains in the red.
The current momentum sits at -483,860 BTC while the 30-day simple moving average (SMA) hovers around -310,700 BTC. This indicates that short-term demand has waned as more BTC is being sold than absorbed.
This dynamic is common in late bull cycles or during macro consolidation phases. For the trend to sustain, a reversal into positive demand territory is important. Until then, Bitcoin may face resistance without strong buying pressure.
Yet, behind the scenes, the indicators tell a more nuanced story, one of potential, but also of fragility.
BTC Price Outlook
On the daily chart, BTC price is hovering just below the upper band of the Bollinger Bands. A breakout above this level could ignite further upside momentum, targeting $100,000.
However, if the price falls and fails to sustain above the middle band (20-day SMA), traders could see a pullback.
Meanwhile, the RSI is sitting around 67, approaching overbought territory. A further upward move in the indicator could trigger a correction, but sustained consolidation above the level 60 is generally bullish.
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