🚀Bitcoin price encounters resistance near $69,000, is the market more inclined to take profits?📉
The Bitcoin price recently attempted to break the $69,000 barrier but seems to have faced considerable resistance. Currently, over 94% of Bitcoin holders are in profit, which may indicate that around this key price point, there could be profit-taking pressure in the market.
Analyst Axel Adler Jr. informed us on social media X via CryptoQuant data that most Bitcoin was purchased at around $55,000. Analyst Checkmate from Checkonchain also noted that short-term holders, who bought during the recent months' consolidation declines, are now reaping substantial rewards.
Past historical experience tells us that such a high profit supply usually signals a potential significant drop in price, known as profit-taking. For example, at the end of September, the Bitcoin price fell sharply from $65,800 to below $60,000 due to investors taking profits.
On October 20, Bitcoin faced significant resistance at $69,000. Japanese trader Jusko Trader pointed out that Bitcoin is currently facing a major liquidity zone resistance, which lies between $67,300 and $69,400, a barrier that has been difficult to break 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 would be liquidated.
Additionally, the inflow of funds into U.S. Bitcoin spot ETFs has been increasing, which may help Bitcoin break through key resistance levels. According to the latest data from SoSoValue, the inflow into Bitcoin spot ETFs has reached a cumulative total of $21.15 billion.
🤔So, do you think Bitcoin will successfully break the $69,000 barrier by the end of the month? Or will it encounter more resistance at this price level? Quickly leave your thoughts in the comments, and let's discuss the future trend of Bitcoin together!
