The post Bitcoin’s supply-in-profit collapse mirrors 2021 – Bounce incoming? appeared on BitcoinEthereumNews.com. Bitcoin [BTC] once again pushed its way back above the $90k-mark. The buyers’ efforts over the past week saw the $90k-level challenged and briefly overhauled twice. To keep this short-term uptrend going, the $94k-level must be breached on the next attempt. A recent AMBCrypto report observed that miner reserves have been growing over the past few days. It strengthened the case for a potential local bottom. At the same time, there may be reason to expect more sideways movement in December, rather than a clear upward trend. Reasons why Bitcoin could have found its local bottom Source: Darkfost on X In a post on X, analyst Darkfost observed that the spot trading volume across major exchanges slowed down in November. Binance, which still held the largest volume share, saw a $40 billion volume drop from October to November. Bitcoin had shed 17.5% of its value for the month, with the analyst noting that the deeper we go into the cycle, the less prominent the Bitcoin spot trading activity became. The successive peaks were noticeably smaller too. Meanwhile, Futures trading activity has continued to be high. Spot volume, as a ratio, was only 0.23 of the Futures volume. Moreover, the market sentiment continued to remain in the “fear” territory. The dry up of global demand saw more and more people talk about a bear market phase, which is still not confirmed. Fearful market sentiment and low trading volume usually accompany a local market bottom. The unfortunate problem is that these conditions also hint at a transition to a bear market. Source: CryptoQuant The Bitcoin Supply in Profit Market Bands metric has seen a swift plunge from being above the psychological inflection line, to falling below the liquidity accumulation. Put simply, it meant that until very recently, the supply in profit showed… The post Bitcoin’s supply-in-profit collapse mirrors 2021 – Bounce incoming? appeared on BitcoinEthereumNews.com. Bitcoin [BTC] once again pushed its way back above the $90k-mark. The buyers’ efforts over the past week saw the $90k-level challenged and briefly overhauled twice. To keep this short-term uptrend going, the $94k-level must be breached on the next attempt. A recent AMBCrypto report observed that miner reserves have been growing over the past few days. It strengthened the case for a potential local bottom. At the same time, there may be reason to expect more sideways movement in December, rather than a clear upward trend. Reasons why Bitcoin could have found its local bottom Source: Darkfost on X In a post on X, analyst Darkfost observed that the spot trading volume across major exchanges slowed down in November. Binance, which still held the largest volume share, saw a $40 billion volume drop from October to November. Bitcoin had shed 17.5% of its value for the month, with the analyst noting that the deeper we go into the cycle, the less prominent the Bitcoin spot trading activity became. The successive peaks were noticeably smaller too. Meanwhile, Futures trading activity has continued to be high. Spot volume, as a ratio, was only 0.23 of the Futures volume. Moreover, the market sentiment continued to remain in the “fear” territory. The dry up of global demand saw more and more people talk about a bear market phase, which is still not confirmed. Fearful market sentiment and low trading volume usually accompany a local market bottom. The unfortunate problem is that these conditions also hint at a transition to a bear market. Source: CryptoQuant The Bitcoin Supply in Profit Market Bands metric has seen a swift plunge from being above the psychological inflection line, to falling below the liquidity accumulation. Put simply, it meant that until very recently, the supply in profit showed…