Bitcoin Price Resilience Continues Amid Ongoing Downturns

Bitcoin's price has shown resilience in the face of ongoing downturns, holding firm above $68,000. According to CryptoQuant analyst Axel Adler Jr., long-term profitability metrics have not reached historical lows, with 66.4% of the Bitcoin supply remaining in profit.

The 365-day moving average stands at 87.5%, which is significantly higher than previous bear market lows. This suggests that the market has not undergone a complete reset, and long-term holders still retain strong profitability levels.

Analysts note that a full capitulation phase would require a sharper decline in long-term profitability. However, for now, the market appears to be experiencing an extended correction.