We can not deny that the year so far has been pretty solid in comparison to last year but its literally just 10 days. News articles are already flipping out over this 10% but it really does not seem much as we are still in this sub $20k area. But actually this range we are in is pretty significant as a very large amount of volume has historically been traded in this range, in fact the most.
Here we can firstly see the 13% rise in the Supply in Profit metric to this exact pump, bringing back the majority of the supply to profit.
Chart imported from Glassnode
Now to the reason of this big increase of the Supply in Profit while the price increased by just 10%. The Supply in Profit metric is depended on where how much BTC was bought. If at a certain price level a large amount of BTC has been bought throughout its history then this will lead to an accordingly large increase of the metric.
Imported from therationalroot (from 04/01/2023)
And exactly in the current price level of exactly $16.5k to $17.8k, so exactly the price area that we just eclipsed in the past days which now also makes sense on how the Supply in Profit started rising here. The current levels have been one of the strongest support-wise, so the chances of a bottom forming here are pretty good actually but dont get your expectations too high just now.
We are much more likely to gain support at such areas of high historic volume and where the bitcon uspply changed the most hands and with no doubt we are at such levels right now, but bear in mind that this indicator is just as speculative right now as all of on-chain data is.
Still not me. Long way until profit.
Hodl on guys, breaking even is coming 🚀
It’s not really a Rally though is it?
I mean we were 18k just before Christmas.
It’s literally 12 days
I didn’t buy the bottom but now I get the feeling of wanting to FOMO
Looks like at 45k around 75% is in profit
Interesting post, thanks for your insight!
We are at 2018 highs, the moment we cross it, the supply in profit will be even bigger. We just need to cross $19.2k
Does this also put more fiat in the bank accounts of the exchanges?
Crypto sentiments change literally every week, if not even daily.
This is Bitcoins New Years resolution
I finally made it, Im officially now in -45% profit.
If somebody told me in 2021 that we would get excited over an 18k in Bitcoin price in January 2023, I would say that you are absolutely nuts and crazy!
Im getting “maybe we go up or maybe we go down” vibes from this.
Why is it that I’m happier on the red days?
$18,800 now
Pretty interesting, but I’m hoping the price doesn’t go too high because I’m not done accumulating!
Sometimes I just can’t believe we fell this low, and it’ll take another 270% increase to reach ath levels again.
I see OP is also in it for the tech.
Been in profit since forever, but my average price is 14 something now because I bought at the top and had to lose 0.4btc because of greed. Ready for the 100% gains on margin but without the greed this time! Live and learn.
This is all hopium that the market needed. We are back boys.
>We can not deny that the year so far has been pretty solid in comparison to last year
1.5 weeks in, literally nothing in the world has changed 🤦♂️
You’ve got good insights, but commit! Say it loud and say it proud, “The bottom is here! The bottom is here!”
🥱
I wasn’t ready! I wanted at least another month of red to accumulate. Got some solid growth since august but I really wanted to drive in while keeping crypto below %30 of my investments
Bull market until February Fed meeting
I dont think we are safe until 25k
January has been way much nicer to us than anyone expected. The fomo is strong
Bitcoin mining companies 🚀🚀🚀🚀🚀 HUT8 on 🔥
Disbelief stage . Lots of bears hanging around here . But selling pressure / volume is winding down . Great signals for those that pay attention.
Man i should have brought more…..
Literally everyone right now , even those who brought
So what your saying is, there’s a chance…
The levels between 15k -20k are very essential . Most people averages exist around these points .
Only 3/5% and I’m also in profit. Almost there 🙂
In the long run it doesn’t really matter but it will feel nice.
Still waiting on $14K Bitcoin..
>this year
It hasn’t even been 2 weeks…
CPI was bullish then. Hopefully btc can go from strength to strength now
The recent rise has been great but we shouldn’t get all excited and forget what has been going on in the past few months in crypto, and macroeconomically we are still still in a very bad situation. Let’s just enjoy the steady climb which may take a long time. Don’t 100x leverage trade just because of one pump.
So down.next week? I think we will.be in this range for sometim 16k to 19k
All I know from this is….DCA
I love overly complicated descriptions of everyday activities
Numerous possible scenarios
We could just reverse back and make a new low
We could spike to 25k and gain new resistance
Or we could just crab between 15k-20k for a while whic would be my guess
Charts lines indicated something hey boss?
Buy now regret later!!
A little baby rally and several people who have scoffed at me the last few months are now asking me “what’s going on.”
Will be interesting when Bitcoin is ready to run wild again.
MUST RESIST FOMO ARGHHH
wait till all the staked coins unlock
Anytime something goes up this fast it comes down fast too.