Bitcoin's price was recently rejected at $69,000 due to significant resistance and profit-taking, with over 94% of holders now in profit following a rally above this all-time high. Most of these holdings were acquired around the $55K level, indicating strong Buy-the-Dip behavior among short-term holders. Historical trends suggest that such a high percentage of Bitcoin in profit often precedes price drops, as was seen in late September when Bitcoin fell from $65,800 to below $60,000. The market is currently facing resistance in the $67,300 to $69,400 range. If Bitcoin surpasses the $68,000 mark, around $1.65 billion in leveraged short positions could be liquidated, potentially driving prices higher. Inflows into US spot Bitcoin ETFs are increasing, providing additional support for a price breakout.

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