After weeks of lackluster trading, Bitcoin is showing some renewed energy with a price rally of over $21,000. Investors have responded positively, and many of them are entering the market, leading the entire crypto market to benefit from this bullish wave. As of this writing, Bitcoin is trading at $21,168.
This price surge has been particularly beneficial for investors who held onto their BTC during the bearish times. According to an analysis by BitcoinCasinos.com, more than 18% of Bitcoin’s supply is now in the green. This means that investors who had held onto their BTC have finally made profits again after months of losses.
According to BitcoinCasino Financial analyst Edith Reads,” With the market being so positive again, and with investors feeling confident in the future of Bitcoin, we can expect to see more capital inflows soon. This means that the market has finally taken a decisive turn towards being bullish and is likely to stay that way for some time.”
FTX Collapse
When FTX collapsed, Bitcoin and most of the crypto market saw a large price drop. This caused many investors to lose their investments and liquidate their positions. Bitcoin has lost 27% of its value since the incident and has been slowly recovering.
The recent rally is a testament to the strength and resilience of Bitcoin and the entire crypto market.
BTC in Profit Has Skyrocketed
In November last year, Bitcoin price hit lows of $15,600 following a violent market reaction to the collapse of FTX. After witnessing a surge to above $18,000 in mid-December, bulls ran out of steam, and Bitcoin dropped back down below the $17,000 mark.
However, with the recent rally to above $21,000, Bitcoin’s supply in profit has skyrocketed. Analysts believe the crypto market is well-positioned for a strong bull run, which could send BTC prices to new all-time highs.
Even though past performance doesn’t necessarily predict future outcomes, the current bullish sentiment surrounding Bitcoin indicates what might come in the near future. With improving macroeconomic trends and BTC’s headroom to push upwards, investors should be confident in Bitcoin’s long-term prospects.
As for now, bulls are facing strong resistance at the $21,300 level. Fears of a global recession happening are also leading to some hesitation in the market. Nevertheless, Bitcoin’s recent rally is seen as a positive sign for investors who were waiting for an opportunity to get back in the green.
