Bitcoin Realized Profits Reach $2.25 Billion Amid Market Downturn
After the October 10 market crash, where Bitcoin's price fell to $101,500, the market shows a bearish on-chain structure. Although selling momentum is decelerating, analysts advise caution in the short term.
Realized Profits Climb As High As $2.25 Billion
- Technical and on-chain analyst Darkfost indicated that many Bitcoin investors are realizing profits from their previous purchases.
- The Net Realized Profit/Loss [USD] 7 Day MA indicator showed realized profits peaking at $2.25 billion, the fourth-highest level in the current cycle.
- The weekly average remains above $1.6 billion, indicating high levels of profit-taking.
- This trend could delay a shift from the current bearish sentiment to a more positive outlook.
$99,000-$104,000 May Be The Next Price Support
- Cryptocurrency analyst Ted Pillows highlighted the $99,000-$104,000 range as potential support if Bitcoin's price declines further.
- This range has significant spot bids that could stabilize the price.
- Future price movements depend on whether profit-taking continues at its current rate.
- In an upward scenario, the $119,000 level holds most sell orders.
As of this writing, Bitcoin is valued at approximately $111,772, reflecting over a 1% gain in the past 24 hours.