$BTC UPDATE
Bitcoin has recently experienced a significant decline but is now attempting to recover. After hitting a low of $65,500, it has rebounded and is currently testing a crucial Fibonacci level.
With a market capitalization of $2.32 trillion and a slight increase of 0.1% in the past 24 hours, the next important price target is $69,500. If Bitcoin surpasses this level, it could potentially reach $76,000.
A notable development is the increased activity of retail traders in the market. Approximately 94% of Bitcoin's supply is currently held in long positions, with an average purchase price of $55,000. This suggests that a potential market downturn could trigger profit-taking by these traders.
Therefore, it's crucial to monitor market sentiment closely to gauge the overall direction of Bitcoin's price.
