At current prices, investors who bought bitcoin at almost any time in history can sell at a profit today. Recent bullish price action has the leading digital asset once again testing resistance around $14,000.
Driven by various optimistic developments, the bitcoin price increased dramatically throughout the last month. In fact, Oct. saw BTC set its second-highest monthly close ever.
Less than 3% of Bitcoin Investors Currently at a Loss
Recent bitcoin price action has been remarkably bullish. Having started Oct. at around $10,800, a single bitcoin traded for around $13,800 at the end of the month.
This represents a more than 27% move over the course of Oct. alone. Having once again challenged 2019 highs, the price remains close to this important point of resistance as Nov. progresses.
As highlighted by intotheblock on Wednesday, bitcoin’s bullish Oct. and start to Nov. means that it now trades for more than it has done at almost any point during its entire history. The digital currency only traded higher for a few weeks during December 2017 and January 2018.
According to intotheblock’s ‘In/Out of the Money’ indicator, around 97% of investors buying bitcoin at any point in history would be in profit if they were to sell today. A massive 32.23 million addresses store bitcoin that would sell for more today than its holders acquired it for.
Bullish News Drives Price Up
As BeInCrypto has reported on numerous occasions, BTC developments appear increasingly optimistic for the asset’s future. For example, this year has seen several companies formally declare the addition of bitcoin to their balance sheets.
The likes of MicroStrategy, Square, Tahini’s, and Mode Global Holdings have all made similar announcements during 2020. Each cited growing concerns about holding cash, particularly in the wake of coronavirus stimulus efforts.
Another recent development that caused an increase in bitcoin buying pressure came from PayPal. The payments giant announced that it would support limited BTC functionality in the new year.
Many pundits believe the news brings greater legitimacy to the industry as a whole. Perhaps too do endorsements from legendary investor Paul Tudor Jones and reformed BTC naysayers at JP Morgan.
A Volatile Year…
Despite the return of bullishness in recent weeks, the bitcoin price has been no stranger to its typical volatility during 2020. As the intotheblock indicator shows, the March crash, which simultaneously impacted global markets, saw the number of investors holding BTC in profit plunge to less than 50%.
Research conducted by OKEx suggests that many of those that sold during the dip were retail investors. Blockchain data indicates that institutions and other large buyers were likely picking up those bids on the cheap.
