Bitcoin Momentum Weakened as Profitable Supply Share Falls to 72% on September 29

The Bitcoin market momentum has weakened in recent days as the share of profitable supply fell to around 72% on September 29. This is down from a peak of 73.8% and below its long-term average of 76%. The price of Bitcoin remained steady at around $83,000 on that day.

The share of profitable supply had risen from 65% to its peak while the price of BTC climbed from about $76,000 to $87,000 between September 17 and September 27. However, this upward trend has now stalled.

Both lines of the Bitcoin Impulse Performance indicator have reached zero, which indicates that the rebound has temporarily lost directional momentum. A zero reading does not confirm a trend reversal but can be an indication of market weakness if combined with further declines in profitable supply and other indicators.