Bitcoin holders hoping to make profits should read this before their next move
- BTC accumulated at the current price range could see more impact with a price change.
- BTC saw a two-day increase in price at around $30,600.
Throughout the year, despite its position, the Bitcoin [BTC] price has consistently attracted interested buyers. Where do these buyers currently stand at various price points, and how will the upcoming price movement impact their holdings?
Read Bitcoin (BTC) Price Prediction 2023-24
Bitcoin accumulation at different range
As we examine the price movements of Bitcoin over the past year per Glassnode, an interesting pattern emerged. Initially, the cryptocurrency began the year at around $16,500, and during that period, approximately 637,000 BTC were purchased. The purchase accounted for roughly 3.71% of the total BTC in circulation.
As time progressed, and by the time March arrived, Bitcoin experienced a surge in price, reaching around $26,800. Approximately 523,000 BTC were acquired during this period, comprising 3.05% of the total supply.
Currently, around 592K #Bitcoin has a purchasing price of $30.2K the current spot price.
This suggests small price fluctuations in either direction will send 3.45% of the circulating supply into a position of profit or loss respectively.
🔴 Price: $16.5K / 637K BTC (3.71%)
🟢… pic.twitter.com/EdA6j0no9Q— glassnode (@glassnode) July 10, 2023
Now, at the present moment, Bitcoin hovered around the $30,000 mark. It’s worth noting that approximately 592,000 BTC have been purchased at this price level, which accounted for approximately 3.45% of the total supply. What does this signify?
It implied that the BTC held by those who make up 3.5% of the total supply could swiftly transition from being profitable to incurring losses or vice versa, depending on the direction in which the price moves.
Long and short-term Bitcoin holders hold at profit
Analyzing the Bitcoin 30-day Market Value to Realized Value (MVRV) revealed an interesting trend. As of this writing, the 30-day MVRV was approximately 4.78%. This indicated that holders within this timeframe were currently holding their assets at a profit. This metric further suggested that even those who purchased their holdings at the current price range were still in a profitable position.
Source: Santiment
However, it’s important to note that these particular Bitcoin holders are also the ones most susceptible to the impact of price fluctuations in any direction.
Furthermore, when the longer-term BTC MVRV was examined, specifically the 180-day MVRV, it became evident that holders within this timeframe enjoyed even greater profits. As of this writing, the 180-day MVRV was 11.9%. This indicated that these holders had amassed significant gains and were better positioned to withstand a price drop. Moreover, should the price of Bitcoin rise, they stand to benefit even more from their investments.
Source: Santiment
How much are 1,10,100 BTCs worth today
BTC sees a positive trend
As of this writing, Bitcoin was trading at approximately $30,600 on a daily timeframe. While it had a profit of less than 1%, it was noteworthy that this marked the second consecutive day of trading in profit. Presently, Bitcoin was exhibiting an upward trend following its recent price movement.
However, it’s important to consider that the Moving Average Convergence Divergence (MACD) indicator indicated a bearish divergence. Despite the bearish divergence, the Relative Strength Index indicated a bullish trend.
Source: TradingView
