On-chain analyst Axel Adler Jr. analyzed that Bitcoin's September rebound increased the proportion of BTC in profit status to 72%, but price momentum weakened. This proportion is the percentage of BTC that last moved at a price lower than the current price, out of the total supply. He explained through his blog, "While BTC rose from $76,000 to $87,000 between September 17-27, this proportion increased from 65% to 73.8%, reaching its highest point since January. It has since fallen to 72% and is still below the long-term average of 76%." He added, "If momentum turns positive again and this proportion exceeds 76%, it's a signal for continued recovery. Conversely, if momentum turns negative and this proportion drops towards 65%, a significant portion of the volume that turned profitable in September would turn back into losses."
