CryptoQuant analyst Axel Adler Jr. said Bitcoin’s rally from roughly $76,000 on Sept. 17 to $87,000 on Sept. 27 pushed the share of supply in profit from 65% to a peak of 73.8%. That figure later slipped to about 72% as of Sept. 29, still below the long-term average of 76%.
At the same time, Adler said the fast and slow lines of the Bitcoin Impulse Performance indicator both fell to 0 on Sept. 29 and 30, while BTC held near $83,000. In his view, momentum returning to zero suggests the current rebound has temporarily lost directional strength, but it is still too early to call a trend reversal.
He added that a clearer sign of market weakness would emerge if the indicator moves into negative territory and the share of supply in profit starts falling again.
BlockBeats reported on Sept. 30 that CryptoQuant analyst Axel Adler Jr. said BTC climbed from about $76,000 to $87,000 between Sept. 17 and Sept. 27, lifting the share of supply in profit from 65% to a peak of 73.8%.
As of Sept. 29, that reading had eased to about 72%, though it remained below the long-term average of 76%.
Adler also said the fast and slow lines of his Bitcoin Impulse Performance indicator both dropped to 0 on Sept. 29 and 30, while BTC traded around $83,000.
According to Adler, momentum returning to zero shows the current rebound has temporarily lost direction, but it does not yet confirm a trend reversal. He said signs of market weakness would become much clearer if the indicator falls below zero and the share of supply in profit declines again.
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