TLDR
- Bitcoin price rose 3% in 24 hours and is back above $68,000.
- The 365-day average profitability remains high at 87.5%, indicating that the market has not completely reset.
- Previous bear markets saw an average long-term decline near 63.8% before recovering, analysts said.
- Current data shows that 66.4% of Bitcoin supply is still profitable despite the recent declines.
- Bitcoin continues to trade above the achieved price level of $54,000.
Bitcoin (BTC) price opened in April above $68,000 after a 3% daily gain, however the broader trend remains bearish. On-chain data shows that long-term profitability remains high despite recent declines. Analysts say the market has not completed the deep reset seen in previous down cycles.
Bitcoin price remains above $68,000 as long-term profitability continues to rise
Bitcoin price It rose 3% in 24 hours and was trading at more than $68,000 at press time. However, the price action continues to reflect the prevailing downward trend across the higher time frames. Short-term bounces continue, but broader market pressures persist.
CryptoQuant Analyst Axel Adler Jr. said Profitability metrics have not reached previous bear market lows. It stated that 66.4% of Bitcoin supply was still generating profits as of April 1, 2026. Meanwhile, the 30-day moving average is 69.1%, reflecting lower short-term gains.
Adler highlighted the 365-day moving average, which remains high at 87.5%. He said that previous cycles witnessed a sharp decline in this measure before the full recovery stages began. In late 2017, the index reached 96% before falling to 63.8% by May 2019.
He explained that this previous decline confirmed the complete market reset. In contrast, the current 365-day average is nowhere near those historic lows. Therefore, long-term bondholders still maintain strong profitability levels despite ongoing drawdowns.
The historical reset levels and the price achieved at $54,000 remain key reference points
Adler compared the current downturn to corrections in September 2023 and September 2024. He said those declines weakened short-term profitability but left long-term averages intact. The 2026 low pushed the measure down to 55.7%, while the 30-day average fell to 66.7%.
Despite deeper losses this year, the 365-day average is still near 87.5%. “As long as the 365DMA remains high, the market looks like an extended correction,” Adler stated. He added that the phase of complete surrender would require a sharp decline in profitability in the long term.
Separately, analyst Ardi reviewed Bitcoin’s seasonal performance trends since 2014. He stated that April ranks as the third strongest month historically, with an average return of 9.1%. However, he said market context is important because 2026 reflects bear market conditions.
Ardi cited April 2014, when Bitcoin fell 2%, and April 2022, when it fell 18.7%. He also pointed to April 2018, which achieved a 35.7% recovery within a broader period of contraction. According to him, the strong monthly averages do not exceed prevailing trends.
CryptoQuant analyst Tugce focused on the real price of Bitcoin, which is currently close to $54,000. She said Bitcoin It historically lies below this level before major cycle lows are formed. Tugce stated, “The $54,000 area represents a key historical threshold during bearish phases.”
She added that the price could trade below the achieved price for an extended period. Historical data shows that previous bear markets reached that stage before the recovery began. Bitcoin continues to trade at over $54,000 as of the latest market update.
