Bitcoin has long been facing long-term resistance from the 2021-2022 bear market base at $29,808-$35,078. Resistance from a bear market base is historically the last frontier for extending a bull rally from a technical analysis perspective.
At the same time, the long-term resistance of Bitcoin supply percentage in profit corresponds to the range of 65.95-76.31, which confirms the above. For now, the profitable supply from January 2023 looks more like an early top of the bull rally and an early high-profit run.
In addition, the movement of supply in profit resembles the periods of January-May 2012 and October 2015-May 2016. Mixed or uncertain price action for Bitcoin is likely to be present until it breaks the resistance in the 65.95-76.31 range. On the other hand, it may indicate re-accumulation.
At the same time, the long-term resistance of Bitcoin supply percentage in profit corresponds to the range of 65.95-76.31, which confirms the above. For now, the profitable supply from January 2023 looks more like an early top of the bull rally and an early high-profit run.
In addition, the movement of supply in profit resembles the periods of January-May 2012 and October 2015-May 2016. Mixed or uncertain price action for Bitcoin is likely to be present until it breaks the resistance in the 65.95-76.31 range. On the other hand, it may indicate re-accumulation.