Potential Reversal on the Horizon for Bitcoin (BTC), Latest Indicator Analysis Reveals

• Recent data indicates a potential reversal for Bitcoin, with the cryptocurrency possibly setting the stage for a significant comeback.
• A key indicator is the percentage of the network’s available supply in profit, currently at its lowest level in two months, which historically aligns with bullish scenarios.
• Bitcoin is currently trading around $59,300, just below significant resistance levels, with a decisive break above this level possibly confirming the onset of a bullish phase.

Bitcoin shows signs of a potential reversal, with key indicators suggesting a bullish phase could be on the horizon. The cryptocurrency’s available supply in profit is at its lowest in two months, a condition that historically precedes bullish scenarios.

Bitcoin’s Current Trading Position

Bitcoin is currently trading around $59,300, maintaining its position just below significant resistance levels. The resistance on the chart is at the $60,099 mark, which Bitcoin has tested multiple times over recent weeks. A decisive break above this level could confirm the onset of a bullish phase, potentially driving prices toward higher resistances observed around $63,463.

Bitcoin’s Support and Resistance Levels

Bitcoin has established strong support at $52,102, where multiple bounces have occurred, indicating solid buyer interest at this price point. This support level is critical; holding above it is essential for maintaining the current recovery momentum. If Bitcoin were to drop below this support, it could trigger... Read the full article for FREE at COINOTAG!