Crypto
Bitcoin Price Trapped in Narrow Range as Sellers Retain Influence
Bitcoin's price has been stuck in a narrow range between $62,000 and $65,000 over the past week.
On-chain data suggests that the cryptocurrency may be forming a recovery setup, but longer-term spot flows indicate that sellers still retain influence.
The Supply in Profit metric shows that approximately 11.44 million BTC are held at a profit, which is within the lower market band between Bottom Discovery and Liquidity Accumulation.
Previous periods with similar readings have often preceded major recoveries, but this metric alone cannot confirm that Bitcoin has formed a cycle bottom.