Bitcoin (BTC) price leads 13% of supply into profit, breaks resistance

By
Gabriel Santos
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Bitcoin (BTC) price leads 13% of supply into profit, breaks resistance

Bitcoin (BTC)’s price saw a 13% rise from January 8 to January 12, despite resistance in the market’s previous years.

The price of BTC has steadily climbed towards the $19,000 benchmark. It ended at $18,800 after the market closed on January 12.

Analysts suspected that whales in the industry were responsible for the upswings and that the surge has transformed the former supply into a profit for investors.

Data analysis showed that BTC overcame initial resistance from a short Moving Average. At its current pace, it may also cross the resistance given by the long Moving Average and finally head towards the $19,000 price range.

However, the Relative Strength Index indicates that assets may enter a bull run because of the rise. Due to this RSI reading, Bitcoin’s value may decrease in the upcoming week.

Massive increase in BTC whale transactions

A market intelligence platform, Santiment, recently showed a chart revealing a massive increase in BTC whale transactions. The increase was the first time whales have acted in two months, transferring 1,700 Bitcoins estimated at $1 million daily.

November 2022 was the last time the BTC whales produced such a large amount of deals. Thanks to the surge, the price of BTC may surpass $19,000, assuming the transactions stay at this volume.

Great profits while BTC rallies

According to CoinMarketCap, a crypto analysis platform, BTC’s overall circulating supply reached over 19 billion in the previous surge. As a result of the rise in price, 13% of the supply may be turned into a profit.

Most of the coins were purchased at around $16,000 or less than what it is worth now. According to CryptoQuant, another analysis platform, profits may also increase if the price levels of Bitcoin continue to rise on the charts.

The Consumer Price Index’s (CPI) release on January 12 may encourage a further increase in BTC’s prices, as interest and inflation rates subside. Though the RSI anticipates a bull run, it may not start until the inevitable drop in the market.