Bitcoin's recent price surge of 10% over the past week has significantly increased the profitability of its holders, with 95% now in profit. This rally positions Bitcoin close to retesting the $70,000 mark, suggesting the possibility of a new all-time high.
Initially, in October, Bitcoin's price action caused some concern, but since mid-October, it has rebounded strongly. This bullish trend indicates a potentially robust end to the month, supported by Global In/Out of Money (GIOM) data.
The GIOM data reveal that Bitcoins bought at a price lower than the current level now generate profit for holders, bolstering the bullish outlook. A weak supply wall exists at $72,500, beyond which the price may soar further.
Moreover, Market Value to Realized Value (MVRV) pricing bands suggest Bitcoin could soon hit $78,143, driven by strong market positioning and minimal unrealized losses among BTC holders.
Bitcoin has also broken out of a descending channel, with the Awesome Oscillator indicating growing bullish momentum. If this continues, the price could rally 14.25% to reach $78,000. However, potential short-term selling pressure might drag the price down to $62,555.
