A noteworthy analysis regarding Bitcoin’s price outlook in the cryptocurrency market has been shared. According to analysts, Bitcoin is facing strong resistance at the $72,500 level, and the likelihood of continued selling pressure in the coming months is high.
Darkfost, an analyst at the crypto analysis platform CryptoQuant, stated that Bitcoin has not yet crossed a significant threshold when considering its long-term supply dynamics. According to the analyst, excluding the supply that has been dormant for over 7 years and any lost Bitcoins more accurately reflects the actual circulating supply in the market. Following this correction, Bitcoin’s current price is estimated to be around $72,500, a level currently acting as strong resistance.
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Darkfost noted that Bitcoin has been trading below this level for about two months, pointing to similar behavior in past bear markets. According to them, in previous cycles, BTC remained below this cost floor for 6 to 10 months and struggled to regain that level.
The analysis argued that if historical trends repeat themselves, Bitcoin could remain under pressure in the coming period, and the price could continue to consolidate below the $72,500 level.
*This is not investment advice.