{"id":637844,"date":"2024-08-27T02:30:07","date_gmt":"2024-08-27T02:30:07","guid":{"rendered":"https:\/\/ktsl888.com\/?p=637844"},"modified":"2024-08-26T14:30:05","modified_gmt":"2024-08-26T14:30:05","slug":"bitcoin-breaks-64000-pattern-mean-bull-run-safe","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-breaks-64000-pattern-mean-bull-run-safe\/","title":{"rendered":"Bitcoin Breaks $64,000, But This Pattern Could Mean Bull Run Isn’t Safe"},"content":{"rendered":"

On-chain data shows the Bitcoin Supply in Profit indicator has been forming a pattern recently that could put the bull run into jeopardy.<\/p>\n

Bitcoin Supply In Profit Has Seen Multiple Dips Into “Transition” Zone Recently<\/h2>\n

As an analyst in a CryptoQuant Quicktake post<\/a> explained, the recent\u00a0Supply in Profit<\/a>” trend <\/span>could suggest a potential entry into the transition zone for Bitcoin.<\/p>\n

Related Reading: Bitcoin Investors Are Still Fearful: What Needs To Happen For A Turnaround?<\/a><\/div>\n

The Supply in Profit here refers to an on-chain metric that, as its name suggests, keeps track of the percentage of the total circulating BTC supply that’s currently holding some net unrealized profit.<\/p>\n

The indicator works by going through the transfer history of each coin on the network to check the price at which it was last moved. As the previous transaction of any coin is likely to represent the last time it changed hands, the price at its time could be considered its cost basis.<\/p>\n

If this previous transfer price for any coin is lower than the current spot price of the cryptocurrency, then that particular coin is holding a net gain right now. The Supply in Profit adds up all coins that satisfy this condition and calculates what part of the supply they make up for.<\/p>\n

There also naturally exists an indicator called the Supply in Loss<\/a>, which works similarly to the Supply in Profit, except that it keeps track of the tokens of the opposite type.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin Supply in Profit over the last few years:<\/p>\n

\"Bitcoin
The value of the metric appears to have seen a rebound in recent days | Source: CryptoQuant<\/a><\/figcaption><\/figure>\n

As displayed in the above graph, the Bitcoin Supply In Profit is currently at 85%, meaning 85% of all tokens in circulation are holding profits. This is a notable value and has historically corresponded to the bull market phase of the cycle.<\/p>\n

That said, the metric has only reached the current value after the latest price recovery<\/a> to the $64,000 level, as it had slipped under the 80% mark earlier, which had put it inside the transition zone between bull and bear phases.<\/p>\n

While it’s certainly not a negative development that BTC has recovered back into the bull market zone, the recent pattern may raise doubts about whether this recovery can last.<\/p>\n

The chart shows that the indicator also saw the same trend of dipping into the transition zone and recovering in July. That surge didn’t last for too long.<\/p>\n

The quant has also pointed out how the Bitcoin Supply in Profit has been in an overall downward trajectory in the last few months, raising the chances of the metric going down again shortly.<\/p>\n

Related Reading: These Are The Biggest Bitcoin Support & Resistance Zones, Analyst Reveals<\/a><\/div>\n

In the scenario that the indicator does witness another drawdown into the transition zone, then it’s possible BTC could end up going through a period of downturn that may even lead to a new bear market<\/a>.<\/p>\n

It only remains to be seen how the Bitcoin price, and thus, the Supply in Profit, develop in the coming days.<\/p>\n

BTC Price<\/h2>\n

Bitcoin has enjoyed a surge of almost 10% in the last seven days, which has taken its price to $63,900.<\/p>\n

\"Bitcoin
It looks like the price of the coin has gone up recently | Source: BTCUSD on TradingView<\/a><\/figcaption><\/figure>\n
Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

On-chain data shows the Bitcoin Supply in Profit indicator has been forming a pattern recently that could put the bull run into jeopardy. Bitcoin Supply In Profit Has Seen Multiple Dips Into “Transition” Zone Recently As an analyst in a CryptoQuant Quicktake post explained, the recent\u00a0“Supply in Profit” trend could suggest a potential entry into the transition zone for Bitcoin. Related Reading: Bitcoin Investors Are Still Fearful: What Needs To Happen For A Turnaround? The Supply in Profit here refers to an on-chain metric that, as its name suggests, keeps track of the percentage of the total circulating BTC supply that’s currently holding some net unrealized profit. The indicator works by going through the transfer history of each coin on the network to check the price at which it was last moved. As the previous transaction of any coin is likely to represent the last time it changed hands, the price at its time could be considered its cost basis. If this previous transfer price for any coin is lower than the current spot price of the cryptocurrency, then that particular coin is holding a net gain right now. The Supply in Profit adds up all coins that satisfy this condition and calculates what part of the supply they make up for. There also naturally exists an indicator called the Supply in Loss, which works similarly to the Supply in Profit, except that it keeps track of the tokens of the opposite type. Now, here is a chart that shows the trend in the Bitcoin Supply in Profit over the last few years: As displayed in the above graph, the Bitcoin Supply In Profit is currently at 85%, meaning 85% of all tokens in circulation are holding profits. This is a notable value and has historically corresponded to the bull market phase of the cycle. That said, the metric has only reached the current value after the latest price recovery to the $64,000 level, as it had slipped under the 80% mark earlier, which had put it inside the transition zone between bull and bear phases. While it’s certainly not a negative development that BTC has recovered back into the bull market zone, the recent pattern may raise doubts about whether this recovery can last. The chart shows that the indicator also saw the same trend of dipping into the transition zone and recovering in July. That surge didn’t last for too long. The quant has also pointed out how the Bitcoin Supply in Profit has been in an overall downward trajectory in the last few months, raising the chances of the metric going down again shortly. Related Reading: These Are The Biggest Bitcoin Support & Resistance Zones, Analyst Reveals In the scenario that the indicator does witness another drawdown into the transition zone, then it’s possible BTC could end up going through a period of downturn that may even lead to a new bear market. It only remains to be seen how the Bitcoin price, and thus, the Supply in Profit, develop in the coming days. BTC Price Bitcoin has enjoyed a surge of almost 10% in the last seven days, which has taken its price to $63,900. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":637861,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,89415,85533,88653,6481,85219,1119,1144],"class_list":["post-637844","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-break","tag-bitcoin-bull-run","tag-bitcoin-pattern","tag-bitcoin-rally","tag-bitcoin-supply-in-profit","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Breaks $64,000, But This Pattern Could Mean Bull Run Isn't Safe<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin supply in profit indicator has been forming a pattern recently that could put the bull run into jeopardy.\" \/>\n<meta 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Breaks $64,000, But This Pattern Could Mean Bull Run Isn’t Safe","url":"http:\/\/ktsl888.com\/bitcoin-news\/bitcoin-breaks-64000-pattern-mean-bull-run-safe\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/bitcoin-news\/bitcoin-breaks-64000-pattern-mean-bull-run-safe\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/btc_8c1ab5.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/btc_8c1ab5.png?fit=1792%2C1024"},"articleSection":"Bitcoin News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin break","bitcoin bull run","bitcoin pattern","bitcoin rally","bitcoin supply in profit","btc","btcusd"],"dateCreated":"2024-08-27T02:30:07Z","datePublished":"2024-08-27T02:30:07Z","dateModified":"2024-08-27T02:30:07Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Breaks $64,000, But This Pattern Could Mean Bull Run Isn’t Safe\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/bitcoin-news\\\/bitcoin-breaks-64000-pattern-mean-bull-run-safe\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/bitcoin-news\\\/bitcoin-breaks-64000-pattern-mean-bull-run-safe\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/btc_8c1ab5.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/btc_8c1ab5.png?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin break\",\"bitcoin bull run\",\"bitcoin pattern\",\"bitcoin rally\",\"bitcoin supply in profit\",\"btc\",\"btcusd\"],\"dateCreated\":\"2024-08-27T02:30:07Z\",\"datePublished\":\"2024-08-27T02:30:07Z\",\"dateModified\":\"2024-08-27T02:30:07Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/btc_8c1ab5.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/637844"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=637844"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/637844\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/637861"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=637844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=637844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=637844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}