Bitcoin Surges 98% in Profit Supply, Institutional Buying Boosts Price to $106,883

Bitcoin has shown strong signs of entering a new bull phase, with analysts pointing to historical patterns and current market data. The price has remained above key psychological and technical levels, and at the time of writing, BTC was trading at $106,883, showing growing market interest.

According to data from Glassnode, Bitcoin’s supply in profit surged to 98% in late June, up from 87% just days earlier. This rise suggests most holders are seeing gains, which often aligns with peak optimism and the start of accelerated rallies. The realized profit/loss ratio has also climbed to 2.8, marking a 156% increase from June 22. Market participants are closely watching long-term holder activity. Over $2.46 billion in daily realized profits was recorded during mid-June. Despite this, Bitcoin has managed to hold steady near $107,000, indicating that strong institutional buying is absorbing the selling pressure.

Institutional involvement continues to grow. US spot Bitcoin ETFs recorded $2.21 billion in inflows last week, while MicroStrategy added nearly 5,000 BTC to its balance sheet. These inflows show steady accumulation, supporting the idea that Bitcoin’s current price zone could be a launch point for further gains.

Technical analysts note that Bitcoin is trading within a range of $100,000 to $110,000. According to an observation by Stockmoney Lizards, BTC is preparing to break above a multi-year trendline. Their short-term target stands at $140,000, with a year-end goal of $200,000. The Relative Strength Index (RSI) on the weekly chart is below the overbought zone, suggesting more room for upward movement. Analyst OxNobler noted that Bitcoin is set to trigger its first Bullish Cross on July 3. The last occurrence in 2021 marked the start of a major rally.

With ETF inflows rising, whale accumulation continuing, and technical patterns aligning, analysts expect Bitcoin to challenge resistance levels soon. July’s historical performance also supports this view, with BTC averaging over 7% monthly gains since 2013. Bitcoin's supply in profit has surged to 98%, indicating a significant shift in the market dynamics. This metric suggests that the majority of Bitcoin holders are currently in a profitable position, which could signal the beginning of a bull run. Analysts have noted that this high percentage of profitable supply is a key indicator of market sentiment and could trigger a massive bull run. The short-term target for Bitcoin, according to some analysts, is the 2.618 Fibonacci level at $155,000. This target is based on historical price movements and technical analysis, which suggests that Bitcoin could continue to rise if it breaks through this resistance level. However, it is important to note that this is a forecast and not a guarantee of future price movements. The market is subject to various factors, including regulatory changes, technological advancements, and global economic conditions, which could impact the price of Bitcoin. Investors should exercise caution and conduct thorough research before making any investment decisions.