Bitcoin recently attempted to break the $69,000 level but faced significant resistance.
Over 94% of Bitcoin holders are currently in profit, suggesting possible profit-taking pressure near this price level.
Analyst Axel Adler Jr., via CryptoQuant data, revealed that most Bitcoin was purchased around $55,000, while Checkmate from Checkonchain noted that short-term holders are now reaping significant rewards after recent consolidation.
Historically, a high percentage of holders in profit often signals a potential price decline due to profit-taking. In late September, Bitcoinโs price dropped from $65,800 to below $60,000 due to such pressure.
On October 20, Bitcoin faced strong resistance between $67,300 and $69,400, a critical liquidity zone identified by Japanese trader Jusko Trader, which has held for the past six months.
Jusko Trader views the recent decline as a healthy correction and remains bullish. A break above $68,800 could result in the liquidation of over $1.6 billion in leveraged short positions.
Inflows into the U.S. Bitcoin spot ETF have been rising, with SoSoValue reporting accumulated inflows of $21.15 billion, which may support Bitcoin in breaking key resistance.
Key Question: Will Bitcoin manage to break through the $69,000 level by the end of the month, or will it face continued resistance? Share your thoughts on Bitcoinโs future trend.
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