The cryptocurrency market has been closely observing the long-term resistance faced by Bitcoin from the 2021-2022 bear market base, which ranges between $29,808 and $35,078. Historically, overcoming resistance from a bear market base has been crucial for initiating a bull run from a technical analysis standpoint.
Simultaneously, the long-term resistance of Bitcoin's supply in profit (%) corresponds to the 65.95-76.31 range, further validating the aforementioned observation. The profitable supply from January 2023 to the present appears more like an early bullish top and high-profit run.
Notably, the movement of supply in profit is reminiscent of the periods between January-May 2012 and October 2015-May 2016. Until Bitcoin successfully breaks the 65.95-76.31 resistance range, contradictory or uncertain price action is likely to persist. However, this could also indicate a potential re-accumulation phase, suggesting an optimistic outlook for the market.