![图片[1]-MICA Daily｜CryptoQuant：If the upward trend continues, Bitcoin will reach new highs.-OzABC](https://www.ozabc.com/wp-content/uploads/Bitcoin-Up-1-1140x570-1.jpg)
Bitcoin (BTC) briefly approached $64,000 last week before falling back to the $62,000 range. CryptoQuant’s analysis team points out that Bitcoin is currently between a “key psychological turning point” and an “optimistic zone,” and investor sentiment has a significant impact on Bitcoin’s price movement. Bitcoin must hold above $60,000 for an extended period and wait for the market to complete its consolidation before it can potentially break upwards.
Analysts emphasize that historical data shows investors are more optimistic about the market when “supply-side profitability metrics” are high, which contributes to the continuation of bull markets. Bitcoin is currently testing this optimistic zone, and if it can maintain this level, the price may rise further. This indicates that most traders are still in a profitable position with their Bitcoin holdings. Assuming the trend continues, these investors will not sell their Bitcoin but will wait for new funds to push the price even higher.
However, investors must be wary of one thing: market rumors suggest the US government plans to sell 69,370 bitcoins, worth approximately $4.3 billion, seized from the darknet market Silk Road. This could trigger a bearish trend, as seen when Germany sold bitcoins earlier this year. However, we are not concerned. The US government will not resort to the foolish method of direct dumping on the secondary market like the German government did. The standard procedure remains auction-based, with direct over-the-counter trading, which has historically had little impact on market prices.
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