Around 50% BTC holders see gains BUT (over) optimism can be dangerous

ambcrypto.com:

Bitcoin [BTC], the largest cryptocurrency rose past its fears as it traded above the $21k mark. Needless to say, the surge injected a much-needed relief to BTC holders be it traders or long-term investors.

However, could the king coin sustain the gains or too much optimism could be dangerous?

At the time of writing, Bitcoin seems to have moved past the resistance level. On CoinMarketCap, the king coin stood at the $21.5k mark after witnessing a 4.5% and 9% surge within 24 hours and a week respectively.

Source: CoinMarketCap

It goes without saying that the token still had a long journey to cover before it could reach its past ATHs. Nevertheless, this jump in price came with a number of positive implications. Such as the profitability for investors who are holding the cryptocurrency.

In this line, as of 10 September, more than 50% of holders remain in profit at the current price. This can surely be considered as a positive indicator.

According to data from IntoTheBlock, 53% of investors recorded profit at current prices. The 8% jump in the digital asset’s price over the last day saw to it that more investors saw gains on their coins once more. On the other hand, around 39% of the holders were in loss.

Source: ITB

In addition to this, holder composition by time indicated or rather narrated a positive scenario as well. A total of 62% held their coins for a period of more than one year, while 32% have held their coins for between one to 12 months. 

Proving more support for the holding activity, Glassnode too witnessed a similar trend. Herein, BTC’s addresses with a balance of 1 BTC had reached a new high. Despite the bearish outlook, the adoption rate didn’t fail to satisfy token’s credentials.

Talking about adoption, BTC acquiring