- Bitcoin has swiftly recovered past $46,000, pushing over 90% of all BTC addresses into profitability. This widespread profitability could incentivize some holders to sell and take gains.
- Bitcoin’s price reclaimed $46,000 owing to growing excitement over the first Bitcoin spot ETF in the U.S. The cryptocurrency now nears the important $50,000 level.
- An imminent “golden cross” between Bitcoin’s 21-day EMA and 50-day SMA signals a potential shift toward positive momentum, underscoring an optimistic near-term outlook.
After dropping over 30% from its all-time high, Bitcoin has swiftly recovered past $46,000, pushing over 90% of all BTC addresses into profitability. This significant milestone could incentivize some holders to sell and take gains.
Bitcoin’s Impressive Recovery
According to on-chain analytics firm IntoTheBlock, historically such widespread profitability among Bitcoin holders occurs repeatedly during bull cycles, even in the early stages. As most addresses now have unrealized gains, some holders may be tempted to sell and realize profits.
Bitcoin’s price reclaimed $46,000 owing to growing excitement over the first Bitcoin spot ETF in the U.S. The cryptocurrency now nears the important $50,000 level.
An Impending Golden Cross
A noted crypto commentator observed another bullish signal for Bitcoin: an impending “golden cross” between the 21-day exponential moving average (EMA) and 50-day simple moving average (SMA). The last such golden cross occurred nearly 8 years ago in 2016, underscoring its rarity. The crossover of these key moving averages often signals a shift toward positive momentum.
Conclusion
The confluence of over 90% profitable addresses and an imminent golden cross paint an optimistic picture for Bitcoin in the near term. As the cryptocurrency continues recovering from its sharp decline, these developments could shape its price trajectory going forward. The sustainability of Bitcoin’s bull run may soon be tested.
