bullish

2024

Bitcoin

when

Resistance

Bitcoin’s recent surge has encountered significant resistance at the $69,000 mark, leading to speculation about potential profit-taking among investors. Currently, over 94% of Bitcoin holders find themselves in profit following the cryptocurrency’s rally above its previous all-time high. 
According to data from CryptoQuant, analyzed by independent expert Axel Adler Jr., approximately 94% of Bitcoin’s circulating supply is now profitable, with many coins acquired around the $55,000 level. Analyst Checkmate noted that Short Term Holders (STHs) have particularly benefited from recent price movements, as most of their holdings have regained value. This trend reinforces a “buy-the-dip” mentality among investors, providing a positive sentiment backdrop. 
Historically, such a high percentage of profitable holdings has often preceded notable price declines. A similar situation occurred in late September when Bitcoin dropped 8.7% after reaching a high of $65,800, as traders capitalized on short-term gains. A comparable pattern was observed in March 2024 when Bitcoin hit new all-time highs above $73,800 but subsequently fell 23% to a low of $56,500. 
Currently trading around $67,200, Bitcoin is grappling with resistance in a liquidity zone between $67,300 and $69,400. Japanese trader Jusko Trader commented on social media that this recent pullback is “healthy” and maintains the cryptocurrency’s bullish momentum. He emphasized that these minor corrections can attract new capital inflow. 
Should Bitcoin break through the $68,000 level, approximately $1.65 billion in leveraged short positions across exchanges could be liquidated. This potential for volatility may be bolstered by increasing inflows into U.S.-based spot Bitcoin exchange-traded funds (ETFs), which have seen cumulative inflows reach $21.2 billion since October 11. 
As traders watch closely for movement above the critical resistance level, the market remains poised for potential shifts driven by profit-taking and external capital flows.

Bitcoin Faces Resistance at $69,000 Amid Profit-Taking Concerns

CoinstelegramEng

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