Why, even though Bitcoin is so near its all-time high, hasn't it broken out yet? The market for Bitcoin [BTC] has recently stayed in a precarious equilibrium. Low realized profits and waning demand signals actually appeared to support it, increasing the likelihood of a direction change in the near future.
Bitcoin was trading at about $106,000 at the time of writing, and its realized profits (7DMA) were just under $1 billion, which is a level not seen since late October 2024.
However, profit-taking has remained muted despite a recent local high, which is consistent with the trend of modest realized profits.
