For some time now, Bitcoin has 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 final frontier for scaling a bull run from a technical analysis perspective.
At the same time, the long-term resistance of Bitcoin's supply in profit (%) corresponds to the range of 65.95-76.31, which confirms the above statement. At this point, the profitable supply from January 2023 to now looks more like a bullish early top and early high-profit run.
Additionally, the movement of supply in profit is conceptually reminiscent of the periods of January-May 2012 and October 2015-May 2016. Contradictory or uncertain Bitcoin price action will likely be present until it successfully breaks the 65.95-76.31 resistance range. On the other hand, the above may indicate re-accumulation.
Written by BaroVirtual
