Is Bitcoin In Danger Of Capitulation?

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Be[In]Crypto analyzes the Bitcoin Percent Supply in Profit indicator, analyzing the risk of this indicator falling below a support level, which could initiate capitulation in the BTC market.

The Supply in Profit indicator measures what percentage of BTC supply in circulation is currently recording a profit. In other words, the indicator determines the percentage of existing coins whose price was lower than the current price at the time of the last move.

While its holding at the 62.5% area as support, it’s possible that this could also become a signal for the bullish trend reversal. The risk of capitulation is also outlined in the Long-Term Holder Capitulation Signal indicator.

Supply in Profit indicator defends support

As of 2022, the Supply in Profit indicator has not fallen below the 62.5% level (red line). This year, it has bounced off the key support area three times, on Jan. 22, Feb. 21, and March 13, corresponding with local BTC price lows at $34,000, $36,350, and $37,555 (blue lines).

Currently, the indicator shows 67.1% and is in a short-term uptrend, as is Bitcoin’s price (green channel). Interestingly, the BTC price has reached the lower range of the rising channel, recording a bottom at $39,200 on April 11.

is bitcoin in danger of capitulation

is bitcoin in danger of capitulationPercent Supply in Profit chart by Glassnode
On a long-term basis, we see that Supply in Profit has been above the 62.5% level since April 2020 (blue circle).

We saw a similar situation during the bull market of 2012-2013, where the 62.5% area also served as support (green circles). During that same year, the Supply in Profit did not fall below the red line, which neared almost two years (22 months), between May 2012 and March 2014.

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is bitcoin in danger of capitulation

is bitcoin in danger of capitulation

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