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Bitcoin witnessed an incredible surge in the early hours today, with its price increasing by 12%. The price reached up to $35,000. Market analysts are considering this as a leading move before the expected bull run in 2024.
Current Situation of Bitcoin
On-chain data reveals that a significant majority of Bitcoin holders are in profit. After a long wait, Bitcoin surpassed the $30,000 resistance level. The level of profitable investors has reached an unprecedented level since the peak of the 2021 bull market. This situation may trigger profit-taking among investors.
In addition, data from IntoTheBlock shows that Bitcoin does not have a significant resistance level as it moves towards its $40,000 target. The $30,000 level, on the other hand, could serve as a strong support in case of a potential retracement.
Another notable indicator is the 27% increase in the amount of BTC held by short-term investors in the past 30 days. Such situations are generally observed in bull markets. The purchases made by short-term investors continue to drive the value of BTC higher.
Another significant development occurred in the MicroStrategy camp. Corporate Bitcoin investor MicroStrategy witnessed the profitability of their investments as the BTC price crossed $30,000. As a result of all these processes, it seems that MicroStrategy has made a 10% profit from their $4 billion worth of Bitcoin assets.
The Future of Bitcoin
BTC has traded within the price range of $25,000 to $30,000 for a long time. According to the Unspent Transaction Output Realized Price Distribution (URPD) model, the next major resistance levels estimated for BTC are at $38,440 and $47,360.
A popular Bitcoin critic, Whalewire, referred to this as a FOMO rally that emerged for individual investors. He warned investors that this could be a process that occurs before larger corrections.
According to Whalewire, the price rally is seen as another deception organized to attract more investors before the next major drop, possibly supported by ETF rumors. He also emphasized the significant increase in Tether last week.
