Bitcoin breaks $66,000 but 4 key signals show this rally is far from normal
Bitcoin surged past $66,000 for the first time since early June, extending a recovery that is beginning to repair some of the losses left by the markets recent downturn. The rebound comes from a much weaker starting point than the price alone suggests. VanEck data showed that investors who sold Bitcoin over the past month were realizing substantially more losses than gains, while unrealized losses across the network were equivalent to roughly 16% of Bitcoins market value. Only 53% of Bitcoins circulating supply was sitting in profit, well below its four-year average of 76%. The move above $66,000 is now testing whether rising prices can begin to reverse that damage. However, spot-market activity remains unusually thin, and derivatives traders are still paying heavily for protection against another decline, even as long-term holders refuse to sell and demand from US exchange-traded funds begins to recover. Buyers have yet to fully follow Bitcoin higher Bitcoins breakout has so far arrived without the broad increase in spot trading that would give the recovery stronger support. Average daily spot volume over the past 30 days stood near $5.1 billion, about 29% below the $7.2 billion average recorded since 2019, VanEck data showed. At the same time, the trades that are taking place have