Bitcoin's 14M Profit Milestone and Key Price Level Analysis

Sentiment around Bitcoin [BTC] remained largely positive as the cryptocurrency repeatedly tested $80,000. However, Bitcoin still faced key levels before confirming a decisive bullish move.

Investor reactions to recent gains could now determine whether the rally extends or loses momentum.

Will profitable holders support Bitcoin?

Bitcoin’s Supply in Profit reached 14 million BTC at press time, indicating widespread unrealized gains across the market.

Interestingly, this coincided with the chart’s Liquidity Accumulation level. Historically, this zone influenced whether BTC extended its recovery.

Bitcoin last entered this zone in January but failed to move above it. It subsequently fell from $95,000 toward $60,000 in February.

By contrast, Bitcoin remained above the Liquidity Accumulation level from October 2023. That strength preceded its 2024 all-time high. This history places investors at an interesting crossroads.

Continued accumulation could support the rally. However, profit-taking among 14 million profitable BTC could create significant selling pressure.

Are investors still accumulating?

Investor behavior suggested that confidence was gradually returning.

Bitcoin’s Spot Market Netflow remained negative for three consecutive days, according to CoinGlass. Cumulative Netflows reached approximately -$261 million. Negative Netflows indicated that more Bitcoin left exchanges than entered them.