Recent data on Bitcoin has shown some signs suggesting a possible reversal in the near future. The cryptocurrency could be setting the stage for a significant comeback. A key indicator that points to this possibility is the profit percentage of the network’s available supply, which stands at 84.4%. This metric is at its lowest level in two months, a condition that historically aligns with more bullish trends. scenarios.
Recent data on Bitcoin has shown some signs suggesting a possible reversal in the near future. The cryptocurrency could be setting the stage for a significant comeback. A key indicator that points to this possibility is the profit percentage of the network’s available supply, which stands at 84.4%. This metric is at its lowest level in two months, a condition that historically aligns with more bullish trends. scenarios.
Currently, Bitcoin is trading around $59,300, maintaining its position just below significant resistance levels. Resistance on the chart is at the $60,099 mark, which Bitcoin has tested several times over the past few weeks. A decisive break above this level could confirm the start of a bullish phase, which could push prices towards higher resistances seen around $63,463.
Bitcoin has established strong support at $52,102, where multiple bounces have occurred, indicating solid buyer interest in this price. This level of support is critical; staying above it is essential to maintain the current recovery momentum. If Bitcoin were to fall below this support, it could trigger a sell-off, testing additional support near the psychological threshold of $50,000.
The chart also shows decreasing volume, suggesting caution among traders who may be waiting for more definitive signals before committing to larger positions. This hesitancy is typical in markets where investors evaluate whether recent price movements represent a genuine reversal or simply a temporary correction in an ongoing trend.
Furthermore, the analysis that the supply of Bitcoin in terms of profits is at a relatively low level suggests that there are fewer investors in a profitable position, which reduces the probability of a liquidation due to profit taking. This scenario could lead to a reduction in selling pressure, creating an environment conducive to price appreciation if market sentiment changes positively.
