Bitcoin Breaks $64,000, But This Pattern Could Mean Bull Run Isn’t Safe
Summary
Bitcoin's Supply in Profit indicator has recently shown a pattern that may threaten the current bull run. The Supply in Profit metric tracks the percentage of circulating BTC that is holding unrealized profits, currently at 85%, indicating a significant portion of tokens are profitable. This level has historically aligned with bull market phases. However, the metric dipped below 80% earlier, entering a transition zone between bull and bear markets. Despite a recent recovery to $64,000, concerns arise as the indicator has been on a downward trend for months. If it dips back into the transition zone, Bitcoin could face a downturn or potentially a new bear market. Bitcoin's price has surged nearly 10% in the past week, reaching $63,900.
