Bitcoin is just one step away from surpassing its all-time high. On-chain data reveals that approximately 99% of Bitcoin addresses are currently in profit. The market widely views this as a critical phase of emotional saturation, though not yet a peak. The Nouey Exchange analysis indicates that while market sentiment is running high, the continuation of the trend depends on the support of structural buying and the absorption of potential selling pressure. At this pivotal point in the cycle, investor judgment and execution will determine the extent of gains in the next phase.

Majority of Holders in Profit: Market Enters High-Consensus Phase

On-chain data shows that 99% of Bitcoin addresses are currently in profit, meaning the vast majority of investor accounts have either broken even or are gaining. Historically, this phenomenon has occurred at the end of bull markets or during consolidation phases in the middle of an uptrend. High consensus typically reflects unified market expectations but often underestimates the potential for volatility. While a high proportion of profitable addresses may boost the confidence of long-term holders, it could also trigger short-term profit-taking, leading to localized fluctuations.

Interplay of Technical and Sentiment Factors: Momentum Is Key for a Breakthrough

From a price perspective, Bitcoin is currently testing a key resistance level near its previous all-time high. Unlike past peaks driven by leverage or speculation, this rally is more reliant on genuine spot market buying and an enhanced perception of Bitcoin as a long-term store of value. Technical indicators suggest that while the market is in a relatively high range, there are no clear signs of overbought conditions. Whether Bitcoin can successfully break through in the coming period will depend on the continuation of spot market momentum and whether the derivatives market avoids excessive crowding.

Risks and Opportunities Coexist in a High-Price Environment

The expansion of profitability introduces complex changes to market structure. As prices approach previous highs, some investors may be tempted to lock in profits, while others may drive a new wave of buying out of fear of missing out. During such emotionally charged phases, investors are prone to making impulsive decisions influenced by “FOMO” (fear of missing out) or a false sense of security. Nouey Exchange advises users to utilize risk management tools to set reasonable take-profit and stop-loss boundaries. Combining these measures with on-chain capital flow data and derivatives position analysis can help avoid disruptions caused by short-term volatility.

Nouey Exchange Emphasizes the Importance of Structural Analysis in Late Bull Market Stages

Market consensus does not always equate to market direction. When nearly all holders are in profit, the real challenge lies in maintaining rational judgment and operational consistency. Nouey Exchange reminds investors that while the trend may be strong, timing is even more critical. Through data-driven analysis and platform tools, Nouey Exchange continues to assist users in understanding market structural shifts and enhancing strategy stability during high-volatility periods. Whether or not Bitcoin surpasses its all-time high, recognizing the characteristics of the current phase and maintaining trading discipline remain essential skills for navigating market cycles.