For the first time since early March, the Bitcoin price has exceeded $90,000, reflecting renewed momentum in the market. This surge comes amid growing optimism among investors, with on-chain data indicating most Bitcoin holders are now in profit. The surge marks a dramatic turnaround from recent lows, indicating shifting market dynamics and increasing trust in the world’s largest cryptocurrency.
Bitcoin Price Action and Wallet Profitability
Bitcoin price surged beyond $90,000 today, reaching $90,995 after a strong rally from last week’s low near $83,300—a 10% gain in less than one week. Analysts attribute this gain to inflows of over $300 million into prominent spot Bitcoin ETFs, such as BlackRock’s IBIT.
Technical indicators show that the Bitcoin price is trading above its 20- and 50-day moving averages, with solid trading volume at $44 billion. The fear & greed index presently sits at 47, showing cautious optimism among investors as they watch for further momentum.
Data from IntoTheBlock shows 91% of Bitcoin wallets are currently profitable, the highest level this cycle. This spike, as Bitcoin price trades above $90,000, leaves most holders in profit. According to IntoTheBlock on X, this signals a substantial rally compared to preceding months.
Market Sentiment & Outlook
Supporting this trend, whales owning more than 10,000 BTC retain a solid accumulation score of around 0.7, leading the market. Smaller holdings, from under 1 BTC to 100 BTC, are easing off distribution. The 10–100 BTC group now hovers around 0.5, signaling a likely shift toward accumulation. This suggests that mid-sized holders are becoming more optimistic, which supports the price increase.
Bitcoin’s price is now closely watching two important levels based on where different groups of holders bought their coins. The Short-Term Holder Realized Price (STH RP) is at $91,500 and acts as strong resistance. This shows the average price recent buyers paid. If the Bitcoin price breaks above this, it could signal more buying as these holders return to profit.
The strongest support is around $83,700, where new holders who bought in over the last one to three months are located. If the BTC price falls below this level, recent buyers might sell to avoid losses.
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