For the past week, most of the market, including Bitcoin, has been in a state of euphoria. As a result, the king of cryptocurrency has hit a new all-time high. Investors are trying to take this opportunity to get as much BTC as possible. However, the key question here is, should they buy BTC at this point?
Strong bull market
The market is currently in a good mood. After that, Bitcoin and Altcoins also recorded a positive upward trend. The evidence is that the crypto king hit an all-time high of $ 69,044 last night and it’s no surprise investors bought in a frenzy.
BTC price 4-hour chart | Source: Tradingview
While BTC is up 12.6% in the past 30 days, investors have bought more than 50,000 coins valued at $ 3.3 billion. As a result, the cumulative supply on the exchanges hit a 3-year low of 2.4 million BTC.
Bitcoin balance on the exchange | Source: Tradingview
However, in addition to being bought, Bitcoin also sells quickly. Specifically, the trading volume has averaged 250 billion US dollars for over a month.
Bitcoin trading volume | Source: Intotheblock
Therefore, around 98.5% of the total supply is currently profitable. This means that only 283,037 BTC is unprofitable. That can be a good sign, but it can also be dangerous.
Profitable Bitcoin Supply | Source: Glassnode
Hodler has clear words, which is a good sign. However, it is also dangerous as it is a sign of a market high, with the last occurrence on October 20th pushing the price down 11.4%.
However, that’s not the only reason not to buy. The risk of default is currently at a 6-month high at the time of writing. Hence, BTC may not be a very attractive asset right now.
Risks of the Bitcoin Reserve | Source: Glassnode
Hence, the top of the market can only cool off when the amount of profitable supply decreases, which can only be achieved through some correction. But when that happens, hopefully it won’t be too difficult.
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This is now the ideal with Bitcoin
For the past week, most of the market, including Bitcoin, has been in a state of euphoria. As a result, the king of cryptocurrency has hit a new all-time high. Investors are trying to take this opportunity to get as much BTC as possible. However, the key question here is, should they buy BTC at this point?
Strong bull market
The market is currently in a good mood. After that, Bitcoin and Altcoins also recorded a positive upward trend. The evidence is that the crypto king hit an all-time high of $ 69,044 last night and it’s no surprise investors bought in a frenzy.
BTC price 4-hour chart | Source: Tradingview
While BTC is up 12.6% in the past 30 days, investors have bought more than 50,000 coins valued at $ 3.3 billion. As a result, the cumulative supply on the exchanges hit a 3-year low of 2.4 million BTC.
Bitcoin balance on the exchange | Source: Tradingview
However, in addition to being bought, Bitcoin also sells quickly. Specifically, the trading volume has averaged 250 billion US dollars for over a month.
Bitcoin trading volume | Source: Intotheblock
Therefore, around 98.5% of the total supply is currently profitable. This means that only 283,037 BTC is unprofitable. That can be a good sign, but it can also be dangerous.
Profitable Bitcoin Supply | Source: Glassnode
Hodler has clear words, which is a good sign. However, it is also dangerous as it is a sign of a market high, with the last occurrence on October 20th pushing the price down 11.4%.
However, that’s not the only reason not to buy. The risk of default is currently at a 6-month high at the time of writing. Hence, BTC may not be a very attractive asset right now.
Risks of the Bitcoin Reserve | Source: Glassnode
Hence, the top of the market can only cool off when the amount of profitable supply decreases, which can only be achieved through some correction. But when that happens, hopefully it won’t be too difficult.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
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According to AMBCrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page
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