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90% of Bitcoin Addresses Are in Profit After Swift Recovery Past $46,000: ITB

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90% of Bitcoin addresses are in profit even as the crypto asset is over 31% down from its all-time high.

IntoTheBlock’s analysis reveals a significant milestone for Bitcoin as it surged past the $46,000 mark, pushing more than 90% of all BTC addresses into a profitable zone.

90% of Bitcoin Addresses in Profit

According to the on-chain intelligence platform, historically, such levels of profit are not an isolated event but rather a recurring pattern in Bitcoin’s bull cycles. The notable increase in profitable Bitcoin addresses might act as an incentive for holders to consider the possibility of selling their assets.

ITB’s tweet regarding the same read,

“With Bitcoin’s swift move past $46k, over 90% of all BTC addresses are now in profit. Historically, Bitcoin holders reached this level of profit several times in every bull cycle, including in the early stages of each cycle.”

With the majority of addresses experiencing profits, there’s a possibility that some BTC holders might be influenced to capitalize on these gains through the sale of their assets.

Bitcoin is nearing the coveted $50k owing to the excitement over the first spot Bitcoin ETF in the United States.

Bitcoin’s Golden Cross

Another bullish thesis came from a popular crypto commentator, Moustache, who observed that Bitcoin is on the verge of a significant technical event as it prepares to form a golden cross between the 21-day Exponential Moving Average (EMA) and the 50-day Simple Moving Average (SMA).

The last golden cross dates back nearly eight years to 2016, highlighting the rarity and potential significance of this impending crossover. The convergence of these moving averages is often interpreted as a bullish signal, suggesting a potential shift in market sentiment toward positive momentum.

The formation of a golden cross in the 21EMA/50SMA for Bitcoin could mark a crucial point in its price trajectory, potentially shaping the direction of the cryptocurrency in the near term.

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