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Bitcoin Supply in Profit Hints at Bullish SMA Cross Projection for Q1 2026
Bitcoin is consolidating below $90,000 after a drop from the $100,000–$105,000 area, keeping market sentiment cautious and fueling debate over whether a deeper bear phase could extend into 2026. On-chain analyst Axel Adler notes that the "Supply in Profit" metric has fallen from above 19 million BTC to around 13.5 million BTC, pulling the 30-day average below the 90-day and opening the door to a potential bullish crossover in late February to early March if current conditions hold. The outlook remains highly sensitive to price, with $70,000 identified as a critical downside level and $90,000 acting as key resistance that bulls must reclaim to meaningfully shift the current structure.