Bitcoin’s price has expanded considerably throughout the past week, charting an increase of around 15%.
The impressive surge continued, ultimately breaching the $32K resistance, a price point that aligns with Bitcoin’s peak in 2023. Subsequently, market participants drove Bitcoin’s value closer to a significant resistance region at $35K, distinguished by the 0.5 and 0.618 Fibonacci levels, establishing a new yearly high.
However, the price currently encounters significant resistance at $35K, marked by substantial Bitcoin supply. This resistance could temporarily slow down the upward trend and potentially trigger a corrective phase. In this scenario, the following support levels for Bitcoin would be within the price range corresponding to the 0.5 and 0.618 Fibonacci retracement levels.
The NUPL metric, displayed on the chart, serves as a crucial indicator, as it acts as a gauge, indicating the proportion of investors currently in a profitable position.
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