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Bitcoin Avg Profitability Index Hits 200% – Active Profit-Taking On The Horizon?

  • Bitcoin's Average Profitability Index is at 202%, indicating strong market sentiment and potential for further price appreciation.
  • If the Index surpasses 300%, it may trigger profit-taking and selling pressure, potentially leading to a correction event.
  • The current market sentiment suggests that while selling pressure may increase, a drastic downturn is unlikely due to relatively low average profitability.
  • Bitcoin's ability to hold above the $66,000 support level will determine its next price movement, with potential for a breakout above $70,000 if successful.

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