- Bitcoin’s profit supply dips below critical range, impacting market sentiment.
- Market analysts watch for either recovery or further decline.
- Changes could signal either an investment opportunity or upcoming volatility.
Bitcoin’s Profit Supply Index dipped below a crucial threshold in late November, signaling potential market volatility, though it has since rebounded to a safer level.
This fluctuation highlights investor sentiment’s fragility, impacting market stability and potential investment strategies, eliciting caution among analysts and traders alike.
Bitcoin Profit Supply Hits 67.6% Amid Market Uncertainty
Bitcoin’s profit supply percentage fell below the critical 65% mark for the first time between November 22 and 23. This drop is indicative of a possible bearish sentiment amongst traders.
The current rebound to 67.6% introduces a cautious optimism. It remains within a sensitive range of 65% to 70%, which analysts suggest could lead to either a recovery in confidence or trigger further panic if declines continue.
Axel Adler Jr, Bitcoin Researcher, – “Bitcoin’s supply in profit rebounded from its long-term mean of around 75%, and the price range of $75,000–$95,000 may represent a structural bottom aligned with the consolidation conditions we observe in Q3 2024.”
Bitcoin Trades at Over $92K, Shows Recovery Signs
Did you know? In their August 2024 analysis, Glassnode noted Bitcoin retesting the 75% mean at around $60,000, marking potential long-term structural supports in this cycle.
Based on CoinMarketCap data, Bitcoin currently trades at a price of $92,549.45, with a market cap reaching approximately $1.85 trillion. The dominant cryptocurrency captures 58.51% market dominance, while its 24-hour trading volume is just over $65.08 billion. The asset has experienced a 2.42% rise in the last 24 hours, despite declining by 18.87% over the past 90 days.
Insights from Coincu’s research team suggest potential outcomes for Bitcoin investors. Historical patterns and recent data hint at either cementing a position for long-term profit opportunities or anticipating further price drops due to market volatility.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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