don't buy
Bitcoin Supply in Profit Near Two-Month Low: Possible Drop to $111,855 or Breakout Above $120,000
I observe that Bitcoin's supply in profit has now declined to levels near a two-month low, indicating a cooling phase in the cryptocurrency market. This trend suggests that the price of Bitcoin could potentially dip to around $111,855 if bearish sentiment prevails. Conversely, a strong bullish impulse might push the price above $120,000, depending on the overall market dynamics.
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AI Analysis
The decline in Bitcoin's supply in profit serves as a critical metric indicating market sentiment. A decrease suggests that a larger portion of Bitcoin holdings are currently at a loss, which can be a...
AI Recommendation
Given the recent decline in Bitcoin's supply in profit, I recommend traders keep a close watch on the support level near $111,855 and resistance around $120,000. It would be prudent to adopt a cautiou...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.