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Bitcoin analysts see ‘further upside,’ and identify next price levels to watch
TL;DR
Bitcoin's price rally to $76,000 indicates a short-term uptrend, according to analysts. The short-term holder supply in profit remains below the exhaustion threshold, suggesting potential for further price increases.
Key points
- Bitcoin's price reached $76,000.
- Analysts see a short-term uptrend for BTC.
- Short-term holder supply in profit is at 43.2%.
- The exhaustion threshold is 54.2%.
- Further upside potential is indicated.
Market analysts said Bitcoin’s (BTC) latest rally to $76,000 was a “clear momentum shift,” confirming a short-term uptrend for BTC price.
Bitcoin’s short-term holder (STH) supply in profit, a measure of the share of recently acquired coins currently held at an unrealized gain, suggests that BTC/USD has not exhausted its bear market rally, data from Glassnode shows.
Local tops in bear market rallies have historically formed when this metric approaches its statistical mean of 54.2%, a threshold where the concentration of profitable STHs becomes sufficient to trigger meaningful distribution.
Currently at 43.2%, the STH supply in profit remains “meaningfully below that threshold, suggesting the present rally has not yet reached the zone of typical exhaustion,” Glassnode said in its latest Week Onchain newsletter, adding:
“This leaves slight room for further upside toward the True Market Mean, while also providing a quantitative level to monitor as price advances.”
Bitcoin: Short-term holder supply in profit. Source: Glassnode
Meanwhile, Bitcoin has remained in “deep under extension territory” relative to its 50-week simple moving average (SMA), currently at $96,800, analyst McKenna said in a recent post on X.
Related: Bitcoin traders cash out 63K BTC profit as price rallied above $76K: Will the market rebound?
When markets deviate either to the upside or downside, they usually revert back to their mean.
Combined with “clear momentum shifts and bullish trending signals firing then I would be inclined to be directionally bullish here, the analyst said, adding:
Q&A
What is the current price level of Bitcoin?
Bitcoin is currently priced at $76,000.
What does the short-term holder supply in profit indicate for Bitcoin?
The short-term holder supply in profit is at 43.2%, indicating that the current rally has not yet reached typical exhaustion levels.
What is the statistical mean for short-term holder profit concentration?
The statistical mean for short-term holder profit concentration is 54.2%, which is a threshold for potential distribution.
What are the next price levels to watch for Bitcoin?
Analysts suggest monitoring the True Market Mean as Bitcoin's price advances for potential further upside.
