Bitcoin ETF

Bitcoin

Fantom

<p>The broader cryptocurrency market has made a strong move jumping by 2.51% over the last 24 hours. The Bitcoin price is trading 1.09% surging past $44,100 levels as of press time. This comes as the US SEC reportedly held discussions with all the <a href="https://coingape.com/just-in-sec-reportedly-held-calls-with-spot-bitcoin-etf-filers/?utm_source=24hrsupdateall" target="_blank" rel="noopener noreferrer nofollow">Bitcoin ETF filers</a> on Thursday.</p>
<p>However, there’s greater optimism in the altcoin space with the Solana price shooting 18% and moving very closer to $100. With this, <a href="https://coingape.com/solana-sol-price-moves-closer-to-100-flipping-binance-coin-for-fourth-spot/" target="_blank" rel="noopener noreferrer nofollow">Solana flips the BNB coin</a> as the fourth-largest cryptocurrency with a market cap of $41.4 billion.</p>
<h3 id="bitcoin-profit-taking-on-the-horizon">Bitcoin Profit Taking On The Horizon</h3>
<p>On-chain data shows that a large number of Bitcoins are currently sitting on profits and thus it indicates chances of profit-booking. According to the latest data from Santiment, Bitcoin’s ratio of supply in profit has reached 89%, signaling a cautionary stance as the new year approaches. The analysis suggests that further price rises are more probable when this metric falls within the 40-70% range. In contrast, assets like MATIC (Polygon) and LTC (Litecoin) are deemed to be in a more favorable position within an opportunity zone.</p>
<figure id="attachment_170670" aria-describedby="caption-attachment-170670" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-170670" src="https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Profit-Supply.jpeg" alt="" width="2710" height="1811" srcset="https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Profit-Supply.jpeg 2710w, https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Profit-Supply-300x200.jpeg 300w, https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Profit-Supply-1224x818.jpeg 1224w, https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Profit-Supply-768x513.jpeg 768w, https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Profit-Supply-1536x1026.jpeg 1536w, https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Profit-Supply-2048x1369.jpeg 2048w, https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Profit-Supply-150x100.jpeg 150w, https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Profit-Supply-272x182.jpeg 272w" sizes="(max-width: 2710px) 100vw, 2710px">
 <figcaption id="caption-attachment-170670" class="wp-caption-text">
  Courtesy: <a href="https://twitter.com/santimentfeed/status/1737887587463987297" target="_blank" rel="noopener noreferrer nofollow">Santiment</a>
 </figcaption>
</figure>
<p>On the other hand, the Bitcoin <a href="https://twitter.com/BitcoinFear/status/1737963690140569882" target="_blank" rel="noopener noreferrer nofollow">fear and greed index</a> points out extreme greed at the current price levels. Thus, investors shall maintain strong vigilance as of here.</p>
<p>The talk of the town is that the Bitcoin ETF approval can come <a href="https://coingape.com/bitcoin-etf-approval-can-come-earlier-than-expected-btc-levels-to-watch/" target="_blank" rel="noopener noreferrer nofollow">earlier</a> than the expected January 10 date. Some market analysts also continue to stay bullish expecting the BTC price to touch $50,000 by the ETF approval time.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> fighting to continue going upwards here.</p>
 <p>I'm expecting $48-51K pre-ETF to be reached, but also a peak on Bitcoin in January, through which money quickly shifts towards <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Altcoins</a>. <a href="https://t.co/dnrluz5U9G" rel="noopener noreferrer nofollow">pic.twitter.com/dnrluz5U9G</a></p>
 <p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1737867534483829208?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 21, 2023</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h3 id="altcoins-take-the-lead">Altcoins Take the Lead</h3>
<p>The altcoin market continues to make strong moves and there’s some value unlocking opportunity even in some small-cap altcoins. Two such altcoins on the investors’ radar are Polygon (MATIC) and Fantom (FTM).</p>
<p>According to cryptocurrency analyst Ali Martinez, Polygon (MATIC) is currently facing a significant resistance zone ranging from $0.79 to $0.84. Within this zone, approximately 39,000 addresses are holding a substantial amount of over 4.24 billion MATIC tokens.</p>
<p>Martinez emphasizes the importance of breaking through this resistance level with conviction for MATIC to pave the way for potential new highs in its price trajectory. At press time, the MATIC price is trading 7.24% up at $0.83 and a market cap of $7.95 billion.</p>
<figure id="attachment_170677" aria-describedby="caption-attachment-170677" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-170677" src="https://coingape.com/wp-content/uploads/2023/12/Polygon-MATIC-Supply-Demand.jpeg" alt="" width="1171" height="428" srcset="https://coingape.com/wp-content/uploads/2023/12/Polygon-MATIC-Supply-Demand.jpeg 1171w, https://coingape.com/wp-content/uploads/2023/12/Polygon-MATIC-Supply-Demand-300x110.jpeg 300w, https://coingape.com/wp-content/uploads/2023/12/Polygon-MATIC-Supply-Demand-768x281.jpeg 768w, https://coingape.com/wp-content/uploads/2023/12/Polygon-MATIC-Supply-Demand-150x55.jpeg 150w" sizes="(max-width: 1171px) 100vw, 1171px">
 <figcaption id="caption-attachment-170677" class="wp-caption-text">
  Courtesy: <a href="https://twitter.com/ali_charts/status/1737922636553027977" target="_blank" rel="noopener noreferrer nofollow">Ali Martinez</a>
 </figcaption>
</figure>
<p>As per insights from cryptocurrency analyst Ali Martinez, the fact that Fantom (FTM) is trading above $0.47 signifies a notable bullish shift. The analysis suggests a lack of major resistance until the $0.65 mark. Martinez advises that as long as FTM maintains its position above this critical level, market participants should anticipate a robust rally in its price.</p>
<p>The post <a href="https://coingape.com/bitcoins-profit-supply-ratio-flashes-signs-of-caution-altcoins-provide-opportunity/" rel="noopener noreferrer nofollow">Bitcoin’s Profit Supply Ratio Flashes Signs of Caution, Altcoins Provide Opportunity</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Bitcoin’s Profit Supply Ratio Flashes Signs of Caution, Altcoins Provide Opportunity

Table of Contents

Coingape News Media

Other articles published on Dec 22, 2023

Solana Surges Past Binance Coin, Eyes $110 as Market Heats Up

Bitcoin Price Approaches Breakout – Why BTC Could Rally 10%

Elon Musk: 'I Don't Spend Much Time Thinking About Cryptocurrency' but Here's Catch

Onboarding the Vacation Rental Industry to Crypto with Smart Wallets

Understanding Bitcoin’s Volatility and Its Appeal as an Alternative Store of Value

Altcoin Market to Rally Significantly in Q1 2024: Analyst

Join our free newsletter for daily crypto updates!