šBitcoin price faces resistance around $69,000, is the market leaning towards profit-taking?š
The price of Bitcoin recently attempted to breach the $69,000 mark but seems to have encountered significant resistance. Currently, over 94% of Bitcoin holders are in profit, which could indicate that there might be profit-taking pressure near this critical price point.
Analyst Axel Adler Jr. informed us via CryptoQuant data on social media platform X that most Bitcoins were purchased at around $55,000. Analyst Checkmate from Checkonchain also pointed out that short-term holders, having bought during the recent months' consolidation decline, are now reaping substantial rewards.
Historical experience tells us that such a high profit supply often signals a potential significant price drop, commonly referred to as profit-taking. For example, at the end of September, the price of Bitcoin dropped sharply from $65,800 to below $60,000 due to investors taking profits.
On October 20, Bitcoin encountered major resistance at $69,000. Japanese trader Jusko Trader noted that Bitcoin is currently facing a key liquidity area resistance, which is between $67,300 and $69,400, and has been a challenging barrier to break through for the past six months.
Nevertheless, Jusko Trader believes that the recent decline is merely a healthy correction, and Bitcoin's bullish momentum remains strong. Meanwhile, if Bitcoin can break through $68,800, over $1.6 billion in leveraged short positions will be liquidated.
Additionally, inflows into the U.S. Bitcoin spot ETF have been increasing, which may assist Bitcoin in breaking through key resistance levels. According to the latest data from SoSoValue, inflows into the Bitcoin spot ETF have accumulated to $21.15 billion.
š¤So, do you think Bitcoin can successfully break through the $69,000 mark by the end of the month? Or will it face more resistance at this price level? Leave your thoughts in the comments, and letās discuss the future trend of Bitcoin together!
