Bitcoin’s BreakOut Hangs in the Balance: Will It Break the Psychological Inflection Line?

The post Bitcoin’s BreakOut Hangs in the Balance: Will It Break the Psychological Inflection Line? appeared first on Coinpedia Fintech News

Bitcoin’s price has soared to a crucial milestone of $64,000, marking its first visit to this level since August 9. This impressive rally comes after a significant rebound of over 20% from its lowest point earlier this month. The driving force behind this surge? Wednesday’s decision by the Federal Reserve to cut rates by 50 basis points, along with hints of more cuts to come later this year.

Recent analysis from CryptoQuant’s Crypto analyst Datascope highlights important trends in Bitcoin’s market. As the “Supply in Profit” metric declines, it shows how many investors are losing money.

According to Datascope, the “Supply in Profit” is a crucial on-chain metric that shows how much of the current Bitcoin supply is profitable at its current price. This metric, illustrated in blue on charts, closely correlates with Bitcoin’s price fluctuations. When Bitcoin’s price rises above the purchase prices of investors, the profitable supply increases.

Bitcoin Supply in Profit: Market Insights

“Psychological resistance and support levels in Bitcoin shape investor sentiment. If the price surpasses this level, optimism increases; if it breaks below, selling pressure may arise” – By @0xDataScope

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