Bitcoin faces long-term resistance from the 2021-2022 bear market base in the $29,808-$35,078 range. This resistance has historically been the cutoff for measuring price increases in technical analysis.
- The long-term resistance of Bitcoin supply in profits (%) ranges from 65.95 to 76.31, which confirms the above statement.
- The profitable supply from January 2023 to now is more like an initial bullish peak and initial profit increase.
- Supply movements in profits are reminiscent of the January-May 2012 and October 2015-May 2016 periods.
- Contradictory or uncertain Bitcoin price action is likely to exist until it breaks through the 65.95-76.31 resistance.
- On the other hand, the above may indicate re-accumulation.
Written by BaroVirtual
- The long-term resistance of Bitcoin supply in profits (%) ranges from 65.95 to 76.31, which confirms the above statement.
- The profitable supply from January 2023 to now is more like an initial bullish peak and initial profit increase.
- Supply movements in profits are reminiscent of the January-May 2012 and October 2015-May 2016 periods.
- Contradictory or uncertain Bitcoin price action is likely to exist until it breaks through the 65.95-76.31 resistance.
- On the other hand, the above may indicate re-accumulation.
Written by BaroVirtual