Bitcoin Worth $61 Billion Nears Profit as Early Bullish Signs Emerge

Bitcoin, the top cryptocurrency, has recently shown signs of recovery after a period of accumulation. In the past few weeks, BTC's price action has begun to rise higher, suggesting the possibility of a price surge that could push this cryptocurrency towards the long-anticipated $100,000 mark.

This movement has sparked new optimism among investors, as a significant price increase could bring substantial profits to Bitcoin holders.

Bitcoin Investors Are Eager to Profit

The MVRV (Market Value to Realized Value) ratio recently jumped from the medium of 1.74, which is a strong signal of confidence for Bitcoin. When this ratio rises above 1.74, it typically indicates the early stage of a bull market. This market structure is similar to the previous accumulation phase in 2024, peaking with the end of the yen carry trade in August.

Subsequently, Bitcoin experienced a strong price jump in September 2024, confirming the price increase signal provided by the MVRV ratio. As Bitcoin's price approaches this important level again, a similar price action is likely.

Bitcoin's overall macro momentum is also supported by strong investor demand. According to IOMAP (In/Out of the Money Around Price) data, approximately 649,600 BTC, valued at over $61.6 billion, was purchased between $95,193 and $97,437. This large accumulation by investors creates a solid support for Bitcoin if BTC holders do not immediately sell to break even. BTC could rise higher if greed motivates these investors to hold rather than sell immediately.

Combining the first signs of a bull market with profit-seeking demand, Bitcoin could reach the resistance level of $98,000, confirming the profitability of the $61.6 billion worth of BTC bought at these levels and ensuring this range serves as support. The increasing number of buyers in this range creates a solid foundation for Bitcoin's price to rise further.

BTC Price Aims for Breakthrough

Bitcoin's price has shown a short-term upward trend over the past three weeks, currently trading at $94,748. Although Bitcoin has accumulated below $95,761 in the past week, it is preparing for a potential price surge. The positive momentum suggests Bitcoin could break through the current resistance and continue its upward trend.

If Bitcoin can maintain $95,761 as support, it could start climbing to $98,000. Breaking this resistance would pave the way for Bitcoin to target the next important level of $100,000, which remains a significant psychological barrier for investors. With strong support levels and a positive market sentiment, Bitcoin could reach these milestones sooner than expected.

However, if Bitcoin fails to break above $95,761 and falls below the support level of $93,625, it could face a decline to $91,521. Such a drop would invalidate the short-term price increase prospects, signaling potential market weakness. A reversal at these levels would require close monitoring of market conditions to determine potential subsequent price movements.