PANews reported on December 10th that, according to analyst Murphy, the BTC Profitable Supply Percentage (PSIP) fell below the 65% threshold between November 22nd and 23rd, indicating a precarious market sentiment. The PSIP has now rebounded to 67.6%, but remains within the crucial 65%-70% range. An upward move could restore confidence, while a downward move could trigger panic.

Historical data shows that a PSIP below 50% typically indicates a bear market bottom. Previous predictions suggested BTC would need to fall below $59,000 to reach this level, but the latest estimate has been adjusted to below $62,000. Analysts believe that BTC below $62,000 may present a high-value buying opportunity, but patience is still needed to wait for market developments.

Related Reading: Trading Moment: FOMC Decision Imminent, Bitcoin at $91,500 Becomes Key Support, Ethereum Aims at $3,500 Mark