Bitcoin Breaks $44,000 Mark
Bitcoin (BTC) has surged past the $44,000 mark for the first time in over a week, experiencing a 4% increase in the past 24 hours. This breakout has resulted in over $33 million worth of BTC short liquidations, according to Coinglass data.
Coins Held ‘In-Loss’
An analysis by Coinglass reveals that the volume of coins held “in-loss” has decreased to approximately 1.9 million bitcoin. Most of these coins are held by long-term investors who bought near the 2021 highs. The Block’s Data Dashboard also confirms this data, showing that over 88% of bitcoin’s circulating supply is now in profit.
Sell Pressure and Bullish Indicators
A recent report by CryptoQuant suggests that sell pressure may be increasing for bitcoin in the short term due to high unrealized profit margins among short-term holders. However, the report also highlights bullish indicators for 2024, indicating that bitcoin remains within a bull market and may target $54,000 in the medium term and beyond.
Hot Take: Bitcoin’s Recovery and Future Potential
Bitcoin’s recent recovery has been impressive, with a significant portion of investor coins returning to being in-profit. This quick rebound is one of the fastest recoveries in history, second only to the rally in 2019. While short-term sell pressure may pose risks, on-chain valuation and network metrics suggest that bitcoin is still well within a bull market and could potentially reach new highs in the future.
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