Bitcoin reclaimed the weekly MA50 near $78,700 after several weeks of rejection, with BTC trading around $80,375. Known OTC desk reserves fell to 123,000 BTC from nearly 500,000 BTC in Septem
Bitcoin has reclaimed the weekly MA50 near $78,700 after several weeks of rejection, according to Doctor Profit. The analyst said BTC traded around $80,375, keeping a weekly close above the average within reach. Meanwhile, Darkfost reported OTC desk reserves had fallen to 123,000 BTC, down from nearly 500,000 BTC in September 2021.
Doctor Profit compared the current setup with 2022-2023, when Bitcoin needed several attempts before breaking above the MA50. He said the recent bear trap showed a similar sequence after three to four weeks of rejection.
According to Doctor Profit, BTC remains inside a $71,000-$82,000 range. He identified $82,500-$83,000 as the stronger breakout confirmation level. He also cited seven MA50 Weekly breakdowns followed by recoveries.
Five preceded bull markets, while two became traps, including 2011 and the 2020 COVID crash. However, Doctor Profit said a weekly close above $78,700 would confirm a bull market under his analysis. His strategy remains holding spot Bitcoin and targeting $88,000.
Darkfost reported known OTC desk addresses currently hold about 123,000 BTC. That compares with nearly 500,000 BTC held on those desks in September 2021. The analyst listed several possible reasons for the decline in OTC reserves.
https://twitter.com/Darkfost_Coc/status/2101625834339537021?s=20Investors may prefer holding Bitcoin rather than offering coins through private OTC transactions. Darkfost also pointed to miners as another possible factor. Miners can use OTC desks to sell BTC without directly affecting open-market prices.
Additionally, some holders may prefer selling Bitcoin through public markets. Darkfost said fewer BTC are now being offered through OTC desks.
The analysts focused on separate parts of Bitcoin's current market structure. Doctor Profit focused on the weekly MA50 and resistance above the current trading range. Darkfost focused on supply held outside public markets through known OTC desks.
He said declining OTC reserves could direct more demand toward open-market purchases. Doctor Profit also discussed CRCL, COIN and ETH, saying they were performing strongly. He said he planned to expand investments into other sectors and promoted premium content.
