Cryptoquant analysts reported today that Bitcoin prices are at a key psychological turning point, between optimism and pessimism. Historical data shows that maintaining stability in this key area is essential for the continuation of the bull market. The current "profitable supply" indicator shows that when a large amount of supply is profitable, market sentiment tends to be optimistic.

Looking back at the bull markets in 2016 and 2020, Bitcoin continued to rise at similar psychological turning points and the market entered a strong upward trend. As long as the price of Bitcoin remains in the current range, the possibility of a sharp drop is small, and market sentiment will remain optimistic. Maintaining this area will increase investors' confidence in future price increases.