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Home»Bitcoin»New Bitcoin Investors See Increase in Profitability, Setting a Bullish Tone for BTC
Bitcoin

New Bitcoin Investors See Increase in Profitability, Setting a Bullish Tone for BTC

October 28, 2024No Comments3 Mins Read
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The recent rebound in Bitcoin prices has attracted the attention of the general crypto industry, allowing retail investors, especially new ones, to enjoy high profitability as market conditions continue to show poor results. notable improvements.

Bitcoin profitability increases among new investors

During recent developments, new Bitcoin investors have seen a notable increase in profitability, improving the prospects of the leading cryptocurrency asset. Market expert and host of the Crypto Banter show, Kyle Doops, reported the positive progress of the X platform (formerly Twitter), which reinforced positive sentiment about the potential of the digital asset.

The current rise in profitability for new investors coincides with a surge in the price of Bitcoin, which has revived market confidence. With prices stabilizing and an upward trend starting, this increase could trigger demand for BTC in the coming days.

After examining the measure of short-term Bitcoin holders’ market value to realized value (MVRV), the expert noted that this revealed that new BTC investors are seeing higher profits as the ratio increases. MVRV was recovering from August lows.

He highlighted that short-term holder MVRV (STH-MVRV) also broke above its 90-day moving average following the yen unwind, suggesting positive momentum for the crypto asset and a stronger market trend.

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New Bitcoin Investors Make High Profits | Source: Kyle Doops on X

Given the current optimism in the broader market, rising profitability among new investors could mark the start of an uptrend for BTC. At the same time, this could ultimately strengthen the attractiveness of the flagship asset among experienced and novice investors. This positive development comes in light of a increase in Bitcoin Open Interest (OI), which recently reached a new all-time high. It is important to note that although open interest rates have reached new all-time highs, the higher the metric, the greater the volatility factor.

Despite the high volatility factor, the surge in open interest shows that traders are maintaining their BTC positions, indicating high confidence among them. investors towards the future evolution of the prices of the digital asset. It also reflects growing investor interest in leverage, particularly on larger cryptocurrency exchanges.

Current BTC price action looks promising

With bullish sentiment far outpacing bearish sentiment in the general market, BTC has undoubtedly benefited from this optimistic outlook as prices move much closer to the baseline. $70,000 level once again.

After moving within the $66,000 and $67,000 price range in recent days, BTC eventually witnessed a rebound up to the $68,000 price mark, demonstrating its resilience for further gains in the coming days. This rebound could be triggered by renewed investor interest in the digital asset, as evidenced by the significant inflow of capital into Bitcoin.

Currently, Bitcoin is on a strong path, trading at $68,420, demonstrating a rise of almost 2% over the past 24 hours. Over the past day, BTC trading volume increased by over 33%, reflecting growing positive sentiment.

Bitcoin
BTC trades at $68,338 on 1D chart | Source: BTCUSDT on Tradingview.com

Featured image from Unsplash, chart from Tradingview.com



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