The price of Bitcoin (BTC) stunned the broader digital currency ecosystem after it reclaimed the $111,000 resistance level in the past 24 hours. Alongside the bullish BTC price shift, the top coin has recorded another impressive milestone regarding its on-chain adoption trend.
No Bitcoin holder in loss
The return to the near-ATH has seen 100% of all Bitcoin in circulation hit profitability. According to data from IntoTheBlock, a total of 19,910,000 BTC in circulation are now “In the Money.”
This includes long-term and short-term buyers, most of whom held the coin throughout its most bearish weeks. With this Bitcoin price outlook, there is no resistance ahead for the coin as valuation could hit any level anytime.
As of press time, the price of Bitcoin has reversed some of its bullish gains. Although bulls remain in control, the volatility on the market might trigger a potential reversal. Per CoinMarketCap data, BTC’s price is up 2.29% to $111,269 as of press time.
Different altcoins, including Ethereum and Cardano, are riding on this general bullish wave to chart new price highs.
As reported earlier by U.Today, XRP even registered a golden cross formation, underscoring the ripple effect of the sustained Bitcoin profitability.
Core bullish market drivers and forecasts
Bitcoin is generally not moving in isolation, as the coin has primary triggers driving its growth. The most consistent trend is the accumulation of Bitcoin by major Wall Street investors, such as Michael Saylor’s Strategy.
Although the firm paused its BTC purchases for this week, it has unveiled a new funding push to stack more BTC soon.
The spot Bitcoin ETF market is also seeing intense adoption, with BlackRock’s IBIT leading the inflow. Complemented by broader retail participation, the expectation among crypto market investors is for the Bitcoin price to soar as high as $120,000 in the long term.
With current ecosystem demand surpassing supply, attaining this milestone appears feasible for the Bitcoin price.