Copyrighted Image by: Reuters

Bitcoin continues its bullish stride this week, breaking key trendlines and moving averages (MA), including the crucial 200-week simple MA at $28,400, according to the "The Week On-Chain" newsletter by Glassnode. The cryptocurrency's climb to $35,200 has outpaced these critical markers, a development that has notably bolstered profitability for various investor groups.

This surge follows a month of bullish momentum during which Bitcoin shattered essential metrics in crypto analysis: the 111-day, 200-day, and 200-week averages. This progression is expected to mirror Bitcoin's performance at the start of 2023, underpinned by recent bullish activity laying the groundwork for a potential BTC price surge.

Despite certain profitability hurdles, the cost basis - a key investment measure - for Short-term holders (STH) and newcomers stands at approximately $28,000. With the STH cost basis currently at $28k, recent investors are experiencing an average profit of +20%.

In a significant market ownership shift, Long-term holders (LTHs) now control over three-quarters of the available Bitcoin supply. This development underscores the growing confidence among long-term investors in the cryptocurrency market and their increasing influence on Bitcoin's price dynamics.

https://www.investing.com/news/cryptocurrency-news/bitcoins-bullish-momentum-propels-investor-profitability-lths-control-most-supply-93CH-3212327