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Bitcoin price eyes $48,000 target amidst rising profitability of long term BTC holders

Bitcoin price sustained nearly 3% weekly gains as price steadied above the $42,500 level on Wednesday. According to a recent Glassnode report on Bitcoin, in 2023, long-term, short-term and average holders turned from unprofitable to a moderately profitable state following Bitcoin price gains in the fourth quarter. While the unrealized profit-loss ratio is not at a euphoric high, it has crossed the break-even level.

At the time of writing, Bitcoin price is at $42,600 on Cmcoins.

Daily Digest Market Movers: Bitcoin held by long-term holders hits highest level in 2023

  • According to Glassnode’s 2023 review for Bitcoin, Ethereum and altcoins, BTC held by long-term holders hit 14.9 million Bitcoin as of December 17. 

  • Between January 1 and December 17, 2023, Bitcoin’s long-term holders added 825,000 BTC to their holdings, as seen in the chart below. 

  • In the same timeframe, short-term holder supply dropped by 506,000 to,2.317 million BTC tokens on December 17.

Technical Analysis: Bitcoin price eyes gains in 2023

Bitcoin price maintained its uptrend, forming higher highs and higher lows. BTC price sustained above $42,000 for the third day this week, eyeing a comeback to $44,700, seen on December 8. Once Bitcoin's price crosses the resistance range between $44,700 and $45,300, the asset is likely to target the $48,000 level, as seen in the chart below.