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eu
odio.
Bitcoin
price
struggles
persist
as
the
premier
cryptocurrency
is
yet
to
break
above
the
key
$70,000
resistance
zone,
suggesting
the
market
remains
at
risk
of
a
deeper
correction.
Notably,
popular
market
analyst
Yonsei_dent
has
shared
an
observation
that
backs
these
bearish
investors’
expectations.
Related
Reading
Bitcoin
ETF
Investors
Show
Diamond
Hands:
Only
$6.5B
In
Outflows
Since
October
1012
hours
ago
Bitcoin
Supply
In
Profit
Metric
Shows
Potential
75%
Drawdown
In
aQuicktake
poston
CryptoQuant,
Yonsei_dent
has
identified
a
potential
price
bottom
of
the
present
market
cycle,
considering
the
meltdown
in
recent
months.
Since
October,
the
leading
cryptocurrency
has
lost
over
45%
of
its
market
value,
with
prices
dropping
as
low
as
$60,000
from
an
all-time
high
of
$126,000.
Using
the
Supply
In
Profit
on-chain
indicator,
Yonsei_dent
maps
out
the
possible
extent
of
Bitcoin’s
price
decline
when
in
the
bottom
zone,
based
on
historical
cycle
drawdown
periods.
For
context,
the
Supply
in
Profit
measures
the
portion
of
the
total
circulating
Bitcoin
whose
current
market
price
is
higher
than
the
price
at
which
those
coins
last
moved.
Source:
CryptoQuantIt’s
an
important
cycle
indicator,
as
the
Supply
in
Profit
approaches
extreme
highs
when
near
cycle
tops,
and
compresses
sharply
when
near
cycle
lows.
Yonsei_dent
explains
that
the
duration
of
Bitcoin
Supply
in
Profit
in
the
bottom
zone
in
2022
was
six
months.
During
this
market
cycle,
Bitcoin
had
initially
hit
an
all-time
high
of
$69,000
before
crashing
by
77%
to
around
$15,500.
According
to
the
market
analyst,
if
the
same
length
of
the
bottom
phase
was
placed
on
the
current
price
chart,
it
represents
a
70%-75%
drawdown
price
projection
for
the
present
market
cycle.
In
this
case,
Bitcoin
is
expected
to
find
a
price
low
within
a
range
of
$31,500
–
$38,000,
suggesting
a
further
potential
41%-51%
decline
from
the
current
market
prices.
Source:
CryptoQuantRelated
Reading
Ethereum’s
Market
Order
Imbalance
Hits
Record
Negatives:
$1,850
Is
Now
The
Line
In
The
Sand15
hours
ago
Bitcoin
Price
Overview
At
the
time
of
writing,
Bitcoin
trades
at
$63,553
following
a
5.84%
loss
in
the
last
24
hours.
Meanwhile,
its
daily
trading
volume
is
up
by
a
minor
0.54%
and
valued
at
$40.04
billion.The
premier
cryptocurrency
also
reports
a
negative
performance
on
its
weekly
and
monthly
charts,
with
respective
losses
of
6.21%
and
27.11%.Unless
the
market
bulls
convincingly
reclaim
the
long
standing
$70k
resistance,
market
sentiment
is
likely
to
remain
fragile
and
prices
vulnerable
to
additional
downside
or
prolonged
consolidation
in
the
near
term.
BTC
trading
at
$63,560
on
the
daily
chart
|
Source:BTCUSDT
chart
on
Tradingview.comFeatured
image
from
Unsplash,
chart
from
Tradingview