Crypto
Bitcoin Faces Key Test Before Reaching $90K Price Target
Bitcoin's recent surge has some analysts predicting it could hit $90K. However, before that happens, there is a crucial level to watch out for - $75,000 to $76,000.
XWIN Japan, an analyst firm, pointed out that nearly every Bitcoin investor group has returned to profit as the cryptocurrency approached $80,000.
The unrealized PnL reading stood at 21.1 for long-term holders and 5.3 for the newest buyers.
This creates a problem during a fast recovery: more profitable holders have a reason to sell.
According to XWIN Japan, any sustained breakout above the $80,000 mark, coupled with rising ETF and spot demand, might be one way through which Bitcoin can reach the $88,000-$90,000 price point.