- Bitcoin’s price has rebounded, gaining 1.22% over the last 24 hours to push above $42,900. This volatility has caused price fluctuations between $41,800 and $43,000.
- On-chain data shows a surge in profitable addresses, with 84.84% now in profit. Over 43 million addresses are currently profitable compared to under 6 million at a loss.
- Approval of a Bitcoin ETF could be a major catalyst, as Wall Street is keen on the product. This potential impact is contributing to Bitcoin’s recent price jump.
Bitcoin (BTC) has seen a dramatic rebound in price despite ongoing volatility. The world’s largest cryptocurrency by market capitalization has gained 1.22% over the last 24 hours, pushing its price to $42,926.38.
Volatility Swings Bitcoin’s Price
The volatility has caused Bitcoin’s price to swing between a low of $41,826.34 and a high of $42,999.72. Bitcoin bulls are attempting to breach the $43,000 resistance level.
On-Chain Data Shows Surge in Profitable Addresses
Amid the price fluctuations, an interesting on-chain event has occurred. Bitcoin’s profitability hit 84.84%, sending more addresses into profit. According to data from IntoTheBlock, 43.74 million addresses are currently in profit, compared to just 5.98 million addresses at a loss and 1.83 million at break-even.
Bitcoin Profitability Shifts Over the Year
So far this year, there has been a major shift in Bitcoin’s profitability, which dropped as low as 60% at one point. However, improved market sentiment and on-chain activity have highlighted why Bitcoin remains the largest cryptocurrency.
Bitcoin ETF Could Be a Game Changer
While Bitcoin’s next halving event is set for April 2024, another potential catalyst is approval of a Bitcoin ETF by the SEC.
Many industry experts believe a Bitcoin spot ETF could fully propel the market into a bull cycle. Wall Street is already keen on the product if approved, which could trigger a mega price run.
Although uncertain, players are starting to price in the ETF’s potential impact, contributing to the recent jump in Bitcoin’s price.
