Bitcoin's price is currently experiencing a profit-taking phase, as highlighted by the PnL Index, which monitors profit and loss based on wallet cost basis. According to the results published in the material, this trend may indicate a shift towards a bear market, raising concerns among investors.
Investors Cashing In on Profits
The PnL Index suggests that many investors are cashing in on their profits, a behavior that aligns with traditional market cycle theories.
Bitcoin's Support Level
Despite this, Bitcoin is finding robust support around the $77,000 mark, where a total of 171,617 BTC has been accumulated. This support level is crucial for Bitcoin's ability to sustain its upward trajectory, even amidst the prevailing profit-taking activities.
Analysts' Watchful Eye
Analysts are closely watching this zone. A failure to hold could signal a deeper correction in the market.
Recent analysis indicates a positive shift in demand for Pi Network, contrasting with Bitcoin's current profit-taking phase. For more details, see the full report on the technical indicators suggesting bullish momentum for Pi Coin here.
