Bitcoin has reached a new milestone, surpassing $117,000 for the first time, according to Coinomedia. On-chain analytics from Glassnode reveal that over 95% of Bitcoin's circulating supply is now in profit. This significant level of profitability suggests strong investor sentiment and reduced selling pressure, as most holders are above their cost basis. Historically, such conditions have been associated with bullish market cycles, potentially indicating further upward momentum for the cryptocurrency.