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Bitcoin price struggles persist as the premier cryptocurrency has yet to break above the key $70,000 resistance zone, a sign that the market may remain vulnerable to a deeper correction. Market analyst Yonsei_dent pointed to a cycle indicator tied to Bitcoin’s “Supply in Profit,” suggesting bearish investors’ expectations may be supported by historical timing.
Yonsei_dent explained that “Supply in Profit” tends to reach extreme highs near cycle tops and compress sharply near cycle lows. The analyst noted that the duration of Bitcoin’s Supply in Profit in the bottom zone in 2022 was six months.
During that period, Bitcoin initially reached an all-time high of $69,000 before falling by 77% to around $15,500. Yonsei_dent said that if the same length of the bottom phase is applied to the current price cycle, it implies a projected 70%-75% drawdown from the present chart.
Under that framework, Bitcoin is expected to find a price low in the $31,500 to $38,000 range, which would represent a further 41%-51% decline from current market prices.
At the time of writing, Bitcoin trades at $63,553 after a 5.84% loss over the last 24 hours. Daily trading volume is up 0.54%, reaching $40.04 billion.
Bitcoin’s performance is also negative on longer timeframes, with losses of 6.21% on the weekly chart and 27.11% on the monthly chart.
Unless market bulls convincingly reclaim the long-standing $70,000 resistance level, sentiment is likely to remain fragile, leaving prices exposed to additional downside or extended consolidation in the near term.
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