Bitcoin Price Shows First Bottom Signal in 3 Years as Selling Pressure Cools

Bitcoin's price action is currently range-bound, but historical on-chain indicators suggest a market bottom is forming, marking the first such signal in nearly three years. This is primarily due to the percentage of Bitcoin supply in profit falling to around 50%, a level historically associated with market bottoms where selling incentives weaken. Furthermore, macro indicators like the Pi Cycle Top Indicator show cooling conditions rather than overheating, reinforcing the bottoming narrative. This cycle differs as the appreciation has been gradual since March 2023, avoiding excessive speculation. Key price levels to watch include support near $63,007 and resistance at $71,672; a sustained break above this resistance could lead toward $78,676, though risks remain from increasing short-term holder participation.

(Source：BeInCrypto)