Bitcoin Surges Past $80,000, 69% of Circulating Supply in Profit

Bitcoin's price has surged from around $62,000 to nearly $80,000 in just one week, according to CryptoQuant. This rebound has pushed 69% of its circulating supply into profit.

The sudden increase in value means that many investors who bought Bitcoin at higher prices are still underwater, with approximately $617 billion in losses yet to be recouped.

However, long-term holders who acquired Bitcoin at lower prices contribute significantly to the high profit percentage. Despite this positive trend, analysts suggest that Bitcoin needs to surpass $83,000 to confirm a sustained bull market.