Bitcoin Profit Supply Drops to 59%, Approaching Bear Market Levels
- Profit Supply Decline: The share of Bitcoin's supply in profit has dropped to around 59%, nearing the historical average of 75%, indicating that nearly half of Bitcoin holders are at a loss, which may weaken market demand and impact price movements.
- Market Bottom Signal: Historical data shows that a profit supply below 50% typically signals market bottoms; while the current level remains above this threshold, the clear downward trend suggests the market may be in an accumulation phase rather than a selling phase.
- Weak Exchange Activity: The number of Bitcoin addresses depositing funds to exchanges has fallen to about 31,000 per day, the lowest since 2017, reflecting decreased investor engagement during a prolonged correction and a lack of incentive to sell.
- Subdued Market Environment: Analytics provider Glassnode describes the current market as “subdued and low-conviction,” with Bitcoin trading within the bear market value zone, indicating that selling pressure may gradually exhaust itself as the market undergoes self-adjustment.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 9 technical signals, shows that 5 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 58011.479 | 61861.799 | 65444.359 | 69294.679 | 72877.239 | 76727.559 | 80310.119 |
| Fibonacci | 61861.799 | 64701.159 | 66455.319 | 69294.679 | 72134.039 | 73888.199 | 76727.559 |
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