Bitcoin's Profit Share Hits 57.5% as Analysts Warn Bear Market May Not Be Over

Bitcoin's price has been steadily recovering over the past three weeks, with its supply in profit rising to 57.5% by July 22. This represents a significant increase from June 30, when just 46.2% of Bitcoin's supply was in profit.

The surge in profitability is largely due to the price gain of around 7% over this period, which has pushed Bitcoin above $65,100. However, despite this improvement, analysts are cautioning that the current rally may not be a sign of a market bottom yet.

According to CryptoQuant's author, thechessONCHAIN, historical bear markets have only ended when at least 64% of Bitcoin's supply returned to profit. Currently, that figure stands at just 57.5%, and long-term holders are still not consistently realizing profits.