Bitcoin is facing turbulent market conditions as its price struggles to recover from $112,500. At the time of writing, BTC is trading at $112,425, hovering just above key support.
Despite ongoing volatility, investor sentiment remains surprisingly positive. What’s fueling this optimism is not price growth, but behavior.
Bitcoin Profits Dip
In the span of one week, Bitcoin profits have declined sharply, hitting a two-month low. The price drop has pushed several addresses out of profit, reducing overall realized gains. Such drawdowns often follow overheated conditions, which may have marked a recent market top.
Historically, when 95% of the supply is in profit, a market top is formed, making a reversal likely. Investors tend to take profits at these levels, leading to short-term corrections. This behavior, though predictable, still challenges those expecting continued price surges.
Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
Bitcoin Supply In Profit. Source: SantimentDespite the fall in profitability, investor behavior shows resilience. According to on-chain data, over the last 24 hours, more than 11,890 BTC were withdrawn from exchanges. This trend signals accumulation, with holders anticipating a rebound.
The exchange net position change shows consistent outflows, even as prices drop. Previously active sellers are now returning as buyers, indicating a shift in strategy. These movements suggest confidence in Bitcoin’s long-term value, despite short-term setbacks in profitability.
Bitcoin Exchange Net Position Data. Source: GlassnodeBTC Price Maintains Support
Bitcoin’s current price is $112,425, clinging to the $112,500 support level. This zone has held strong since early August, offering a key buffer against deeper losses. For now, price action shows consolidation rather than collapse.
Given the current sentiment and net accumulation, Bitcoin could see a bounce to $115,000. If buying pressure increases and macro support builds, BTC might stabilize above this resistance. Alternatively, it may continue to trade sideways between $112,500 and $115,000 until clarity returns.
Bitcoin Price Analysis. Source: TradingViewHowever, if accumulation slows and selling resumes, Bitcoin may drop to $110,000. A move this low would mark a near two-month bottom and could expose BTC to increased downside risk.
The post $1 Billion Bitcoin Accumulated In 24 Hours, Even As Profits Drop To 2-Month Low appeared first on BeInCrypto.
Source: https://beincrypto.com/bitcoin-accumulated-even-as-profits-drop/
