Bitcoin (BTC) Supply in Profit Continues to Increase Despite Recent Market Pressures

The percentage of Bitcoin (BTC) supply that is in profit continues to rise steadily despite recent challenges and market pressures.

On-chain data shows that more than 85% of the total BTC supply in circulation is currently in favorable conditions. This is a historically bullish signal, but it often also signals the beginning of a euphoric phase in the market cycle.

Then, how will the Bitcoin price move today?

Bitcoin Price Drops 0,54% within 24 Hours

As of April 30, 2025, Bitcoin (BTC) was trading at $94,657, or about IDR 1,586,460,031, after slipping slightly by 0.54% over the past 24 hours.

During this time frame, BTC reached a daily high of approximately IDR 1,602,137,190 and dipped to a low of IDRP 1,578,260,355.

According to CoinMarketCap, Bitcoin’s market capitalization now stands at around $1.87 trillion, with trading volume in the last 24 hours also down 14% to $26.72 billion.

Bitcoin enters bullish territory, but analysts warn of potential correction

The percentage of Bitcoin supply that is in profit measures how many coin holders purchased their asset at a price lower than the current market value. When this number increases, it signals widespread investor confidence as well as strong capital flows into the asset.

In its latest report, CryptoQuant analysts using the pseudonym Darkfost found that more than 85% of the current circulating BTC supply is in profit. While this trend is showing bullish signals, there are things to watch out for.

“Having most of the supply at a profit is actually not a bad thing – quite the opposite. Of course, there are certain levels that are more ‘comfortable’ than others, but in general, a rise in supply at a profit tends to drive a bullish phase,” Darkfost wrote.

In his note, the analyst explained that the market is now entering the euphoria zone, a phase that usually occurs when the percentage of profit supply approaches or passes 90%.

Although this level is considered bullish, history shows that this phase often coincides with local price peaks, where many traders start to realize profits, triggering corrections in the short to medium term.

“Historically, when supply in profit conditions crosses the 90% threshold, it almost always triggers a euphoric phase. We are currently approaching that level. However, this euphoric phase usually doesn’t last long and is often followed by a short to medium-term correction,” he added.

Funding Rate Shows Market Still in Waiting Mode

Interestingly, Bitcoin’s current funding rate remains relatively balanced, signaling that the market is in a wait-and-see state.

As of April 29, 2025, Bitcoin’s funding rate was recorded at 0%.

The funding rate is a periodic payment between traders in the perpetual futures market, which serves to keep the contract price in line with the spot market price.

As is the case with Bitcoin, when the funding rate is at 0%, it indicates a neutral market sentiment, where there is no dominance between long (buy) and short (sell) positions.

This situation suggests that Bitcoin investors are waiting for a catalyst that could provide a clearer market direction.

This neutral sentiment, coupled with the increasing supply of Bitcoin that is in profit, creates the potential for price volatility in the near future.

Bitcoin price stays below key resistance levels, RSI hints at upside potential

As of April 29, Bitcoin (BTC) was trading at $95,125, just below the key resistance level of $95,971.

Despite recent high market volatility, demand for BTC in the spot market remains strong, as evidenced by the Relative Strength Index (RSI) value, which currently stands at 68.21.

RSI is an indicator that measures the overbought and oversold condition of an asset. The RSI scale ranges from 0 to 100, with a reading above 70 signaling that the asset is overbought and has the potential to decline in price.

Conversely, a reading below 30 indicates the asset is oversold and has the potential for price increases.

BTC’s current RSI reading indicates that there is still room for price increases before Bitcoin enters overbought territory. If demand continues to strengthen, BTC could potentially break the resistance at $95,971 and continue its rally until it reaches $98,983.

However, if the bearish sentiment prevails, BTC could resume the downward trend and drop to the $91,851 level.

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