After recently breaching the $65,000 mark, Bitcoin (BTC) may see a short-term correction. Despite strong bullish momentum, historical trends indicate a possible pullback before the rally continues.
On-chain metrics, such as the decline in Daily Active Addresses (DAA) to -54.89%, signal weak buy signals and reduced market interaction, suggesting a near-term price drop.
Bitcoin holders' profitability has increased to 91.97%, often a precursor to profit-taking and short-term price declines. Historical data supports this likelihood.
Bitcoin's attempt to reach $69,000 faces resistance. If the price falls below $65,000, further declines to $60,348 are possible, although support at $63,093 might hold. A close above $65,838 could, however, shift momentum to the bulls.
