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I just noticed that the Bitcoin supply indicator is approaching levels seen during the previous bear market. Data from CryptoQuant shows that approximately 11.2 million BTC are in profit, but on the other hand, 8.2 million BTC are in loss. These levels are close to the lows of past bear markets, which is an interesting signal for trading Bitcoin.
However, what leads the way is that it hasn't reached the true pain level like in 2022, when BTC dropped 77-84% from its peak. Currently, it has only fallen 52%. Some analysts see this as a sign that prices are too low, but experts from Bitrue warn that the market is still in the early to mid stages of a bear market, not the final stage. This means that Bitcoin trading may still need to wait a little longer.
What’s causing Bitcoin to struggle right now is the strengthening of the US dollar. Over the past two months, the DXY has increased by about 5%, putting pressure on risk assets. The current BTC price is $78.06K, down 1.13% in the past 24 hours. It seems that Bitcoin trading will need to wait for the dollar to weaken, which could happen in the second half of this year or later.