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Bitcoin’s
BTC
tickers down
$70,639
price rallied more than 10% between Oct. 26 and Oct. 29 to reach $73,600, just 0.2% below the $73,800 all-time high. Currently, Bitcoin price has retraced to $72,300, with several technical and onchain indicators raising concerns about the strength of the recent rally.
Let’s look at the factors that could potentially drive Bitcoin prices lower.
Over 99% of BTC supply in profit hints at overheating
Bitcoin’s recent rally within inches of its all-time highs saw almost all holders return to profit, resulting in fears that profit-taking from current levels could lead to deeper price correction.
Data from market intelligence firm CryptoQuant reveals that less than 1% of Bitcoin investors were still in a position of loss when the price was at $72,323 on Oct. 31, subsequently accounting for 99% of the supply in profit.
