Bitcoin (BTC) news

: The Remarkable Return to Profitability for Bitcoin

The cryptocurrency market has recently witnessed a significant surge in the value of Bitcoin, resulting in over 83% of the digital currency entering into profitable territory. This shift follows Bitcoin trading at over $37,000 last week, indicating a notable change in investor behavior.

The accumulation trend, utilizing a simple moving average for 7 days to enhance data clarity, reveals a strong accumulation pattern, unlike previous surges in 2023. This trend is evident in the dark colors on the chart, indicating a robust accumulation pattern synchronized with a 39% price hike over the past month.

READ MORE Cryptocurrency Market Leader Could Smash Price Record If History Repeats Itself"

Detailed analysis of various portfolio sizes shows a substantial increase in assets across all investor groups since late October, contradicting the net outflows seen in several groups throughout most of 2023. The immediate resilience and strong market performance are among the key factors contributing to this optimistic outlook.

Persistent Optimism:
The recent surge in Bitcoin prices has led to 83% of the total circulating supply retaining profits, a statistic significantly higher than the average of 74%. This level approaches the upper range of standard deviation at 90%, often associated with the early stages of a “Euphoria Phase” in the bullish market.

On Tuesday, cryptocurrency markets experienced volatility following reports of enforcement actions taken by the Ministry of Justice against Binance and the resignation of Changpeng Zhao, pushing above the $37,000 level.

Disclaimer: The information provided is not financial advice. does not take any responsibility for investments made based on the information provided in this article. We recommend consulting a qualified specialist or financial advisor before making any investment decisions.

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