CryptoQuant's analysis reveals that 94% of Bitcoin's supply is currently in profit, with many positions opened around the $55,000 level. This significant gain could trigger a wave of profit-taking, as seen in previous market cycles, pushing the price downward. However, the current resistance at $69,000 is proving to be a key hurdle. As observed by trader Jusko, a break above this level could trigger liquidations of over $1.65 billion in short positions, fueling a potential rally. Additionally, U.S. spot Bitcoin ETFs are gaining popularity, with inflows reaching $21.2 billion.
⚠️ What does this mean for the market? Historically, when such a high percentage of BTC is in profit, profit-taking often follows. However, if BTC breaks above $69,000, we could see acceleration towards new highs due to liquidations and increased inflows into ETFs.
📈 Momentum remains bullish, but be cautious of corrections.
By gue 22