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Bitcoin tickers down $18,149 hodlers are returning to profit as new data hints the BTC price has put in the “foundation” of a macro bottom.
The latest figures from on-chain analytics firm Glassnode shows a large swathe of the BTC supply heading “into the black” as BTC/USD passed $18,000.
After gaining nearly 5% in 24 hours, Bitcoin is back on bulls’ radar ahead of a crunch United States inflation data release.
What the impact will remain uncertain, but on-chain analysis is eyeing a more important phenomenon already playing out on the market.
The latest price uptick has seen a considerable number of bitcoins flip from unrealized loss to unrealized profit — it is now worth more than when it last moved.
Read more: Hong Kong set to shortlist crypto tokens for retail trading
If this means that investors who bought below the current spot price are in profit, it suggests that a significant amount of the BTC supply changed hands in an area between there and recent multi-year lows.
This in turn has implications for price performance, as those investors buying in establish formidable price support.
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“Simple Bitcoin tools like Supply in Profit return massive edge for those who pay attention,” Checkmate, Glassnode’s lead on-chain analyst, commented about the data.
