获利回吐

Affected by key resistance levels and profit taking, the current bull market cycle for Bitcoin may be 'delayed'.

Latest data shows that the BTC/USD price has plummeted by 8%, falling below recent historical highs. The market is in an uproar, and analysts are sounding the alarm for a 'deep correction', stating that the bull market may be delayed again.

As the market issues a warning for a 'deeper correction', many analysts believe that Bitcoin needs to hold the historical high since December 2024 during the upcoming weekly candle close to avoid further setbacks in the bull market.

Firstly, on-chain data is showing early warning signs! CryptoQuant analysis points out that Bitcoin demand indicators have approached the peak seen last December, and the pace at which whales are accumulating coins has begun to slow down. More concerning is that current holders have an average unrealized profit of over 30%, and with the enticing profit of 111,000 USD, a large number of profit-takers are fleeing madly!

Big players in the trading circle are also collectively bearish. Notable trader Mags bluntly stated, 'The deep adjustment has begun,' and the key focus now is on this week’s weekly closing price. As long as BTC can hold above 104,500 USD (the historical closing high from December 2024), bulls still have a chance for a rebound; if it falls below this level, a new round of declines may begin, and it might even be brewing a head and shoulders pattern.

Analyst Aksel Kibar also poured cold water on the situation, stating that while he expects a bullish target of 137,000 USD by 2025, he admits that the return of this bull market is 'highly likely to be delayed'.

Meanwhile, CryptoQuant predicts that 120,000 USD will once again become the 'cash-out death line' that both bulls and bears will fight over in this cycle. If this key resistance level cannot be surpassed, a new wave of selling may occur at any time!

In summary, the rollercoaster ride of Bitcoin's price is just beginning to show, and the upcoming BTC weekly closing price will be the focus of investors' attention.

Finally, do you think Bitcoin can hold the key defense line, or will there be another deep correction?

#比特币牛市 #关键阻力位 #获利回吐 #市场分析

🚀Bitcoin price faces resistance around $69,000, is the market leaning towards profit-taking?📉

The price of Bitcoin recently attempted to breach the $69,000 mark but seems to have encountered significant resistance. Currently, over 94% of Bitcoin holders are in profit, which could indicate that there might be profit-taking pressure near this critical price point.

Analyst Axel Adler Jr. informed us via CryptoQuant data on social media platform X that most Bitcoins were purchased at around $55,000. Analyst Checkmate from Checkonchain also pointed out that short-term holders, having bought during the recent months' consolidation decline, are now reaping substantial rewards.

Historical experience tells us that such a high profit supply often signals a potential significant price drop, commonly referred to as profit-taking. For example, at the end of September, the price of Bitcoin dropped sharply from $65,800 to below $60,000 due to investors taking profits.

On October 20, Bitcoin encountered major resistance at $69,000. Japanese trader Jusko Trader noted that Bitcoin is currently facing a key liquidity area resistance, which is between $67,300 and $69,400, and has been a challenging barrier to break through 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 will be liquidated.

Additionally, inflows into the U.S. Bitcoin spot ETF have been increasing, which may assist Bitcoin in breaking through key resistance levels. According to the latest data from SoSoValue, inflows into the Bitcoin spot ETF have accumulated to $21.15 billion.

🤔So, do you think Bitcoin can successfully break through the $69,000 mark by the end of the month? Or will it face more resistance at this price level? Leave your thoughts in the comments, and let’s discuss the future trend of Bitcoin together!

#比特币 #价格阻力 #获利回吐 #市场动态