Bitcoin (BTC) is undergoing a remarkable rebound in its price, showcasing resilience in the face of heightened volatility. As of the latest update, Bitcoin has surged by 1.22% in the past 24 hours, reaching a price of $42,926.38. The cryptocurrency’s price has oscillated between a low of $41,826.34 and a high of $42,999.72 as Bitcoin bulls aim to surpass the critical $43,000 resistance level.
Amidst these dynamic price movements, an intriguing on-chain event has unfolded, with Bitcoin’s profitability soaring to 84.84%. This surge in profitability has propelled a significant number of addresses into a profitable state. According to data from IntoTheBlock, approximately 43.74 million addresses are now “in the money,” contrasting with about 5.98 million in loss and 1.83 million addresses at their break-even points.
Throughout the year, there has been a substantial shift in Bitcoin’s profitability, reaching a low of 60% at certain points. However, the improved sentiment in the market and the recent on-chain event serve as a compelling reminder of Bitcoin’s dominance as the largest asset in the cryptocurrency world by market capitalization.
A pivotal factor influencing the current positive trend is the anticipation of the Bitcoin halving event scheduled for April next year. Additionally, market attention is focused on the potential approval of a Bitcoin spot Exchange-Traded Fund (ETF) by the United States Securities and Exchange Commission (SEC). Many industry experts consider the Bitcoin ETF approval as a potential game-changer that could mark a definitive entry into a bull market cycle. Wall Street’s interest in the product, contingent on approval, is expected to trigger a significant upward movement in Bitcoin’s price.
Despite the uncertainty surrounding the Bitcoin ETF approval, market participants are factoring in the potential impact, contributing to the observed price jump. As Bitcoin continues to navigate volatile market conditions, these developments underscore the cryptocurrency’s enduring significance and the potential for a positive trajectory in the near future.
