BitcoinThe recent price recovery has attracted the attention of the general crypto sector, allowing retail investors, especially new ones, to achieve high profitability as market conditions continue to show noticeable improvements.
Bitcoin profitability is rising among new investors
In recent developments, new Bitcoin investors have witnessed a remarkable 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 on the X platform (formerly Twitter), which has reinforced positive sentiment about the potential of the digital asset.
The current rise in profitability from new investors has coincided with a rise in the price of Bitcoin, which has reignited market confidence. Now that prices are stabilizing and starting to show an upward trend, this increase could be a trigger ask for BTC in the coming days.
After examining the Bitcoin Short-term Holders Market Value to Realized Value (MVRV) metric, the expert noted that it appeared that BTC’s new investors are seeing higher gains as the MVRV ratio recovers from its August low.
He pointed out that the Short-Term Holder MVRV (STH-MVRV) has also surpassed its 90-day moving average following the unwinding of the yen carry, indicating positive momentum for the crypto asset and a stronger market trend.
Given the current optimism in the overall market, the rise in profitability among new investors could mark the start of a bullish trend for BTC. Meanwhile, this could ultimately strengthen the attractiveness of this flagship for experienced and novice investors. This positive development comes in light of a increase in Bitcoin’s Open Interest (OI)., which recently reached a new record high. It is important to note that although open interest has reached new all-time highs, the higher the metric, the greater the volatility factor.
Despite the high volatility factor, the increase in open interest shows that traders are maintaining their BTC positions, indicating high confidence among these investors. investors towards the future price performance of the digital asset. It also reflects growing investor interest in leverage, especially on larger cryptocurrency exchanges.
BTC’s current price movement looks promising
With bullish sentiment widely outpacing bearish sentiment in the general market, BTC has undoubtedly benefited from this optimistic outlook as prices move much closer to target. $70,000 level once more.
After trending within the $66,000 and $67,000 price ranges in recent days, BTC has finally witnessed a recovery towards the $68,000 price mark, showing resilience for more gains in the coming days. This recovery could be driven by renewed investor interest in digital assets, as evidenced by the large capital inflows into Bitcoin.
Currently, Bitcoin is on a healthy path and is trading at $68,420, showing an increase of almost 2% in the last 24 hours. Over the past day, BTC trading volume has increased by over 33%, reflecting growing positive sentiment.
Featured image from Unsplash, chart from Tradingview.com