Bitcoin Is At A Key Psychological Level

- This week, bitcoin (BTC) peaked at $64,000 before falling below $62,000. This raises the question of whether the leading crypto asset could reach a new high in the near term.

- An analyst from CryptoQuant shared research on the possibility of BTC maintaining its current price level and even reaching higher levels.

- The analyst highlighted that BTC is between a “key psychological level and a bullish zone,” where market sentiment can either boost or depress the value of bitcoin.

- Historical data shows that maintaining stability in these zones is important for the continuation of the bull market. The “Supply in Profit” indicator reflects periods when investors are in profit, showing bullishness increases when the majority of supply is in profit.

- However, there are concerns that the US government may sell 69,370 BTC worth about $4.3 billion, which could cause a bearish trend for the bitcoin market.

- Stockbroker Peter Schiff suggested that MicroStrategy's Michael Saylor should buy back these BTC to save the asset's value from a severe decline.

🚀 Will BTC sustain the optimism and reach a new high? Let's wait and see!