Monitor These Important Bitcoin Levels as BTC Reaches a Critical Decision Point

Bitcoin’s inability to surpass the $98,000 mark is causing unease among bulls, as traders are quick to realize profits around $95,000, which contributes to a more cautious market atmosphere. The significant selling pressure, with 86% of the supply currently profitable, increases the likelihood of a correction. However, ETF inflows are still providing a measure of bullish sentiment. Last week, Bitcoin entered a crucial stage after failing to break through the resistance level of $98,000. Since launching on April 22, the daily candles have peaked at $93,000 and dipped to $97,900, yet there has been no close above $97,440, creating pressure for the bulls. The movement within a limited range lacks a definitive direction for the top cryptocurrency. Source: TradingView. Recently, the market has seen a rise in profit-taking, especially around the $95,000 mark. Traders swiftly capitalized on profits, leading to noticeable selling pressure. The ratio of realized profit to loss in cryptocurrency has risen, indicating that the majority of market activity is focused on securing profits at elevated prices rather than investing in upward momentum. There is a potential risk of a correction as the amount of supply in profit reaches 0003%. – CryptoVizArt. ₿, a senior researcher at Glassnode, observed that the surge into the $93,000–96,200 range has resulted in profit-taking volumes exceeding the typical statistical range. This indicates that more Bitcoins are being sold at a profit than usual.