Bitcoin bounced back strongly last weekend, surging past $66,000 amid selling pressure. Experts are closely watching its price, expecting a big move soon. But despite the optimism, most of Bitcoin's available supply is now in profit, which could slow down its upward climb.

Recent data shows that around 88.8% of all existing Bitcoin is currently profitable. While this is still high, it's lower than earlier this year when it hit a peak. Analysts are now keeping an eye on whether Bitcoin can keep up its momentum or if it needs a breather to stabilize.

Market watchers like Nebraskagooner are trying to predict where Bitcoin might bottom out. They think if it rises to $75,000 from here, it might signal the lowest point. But if it falls below $58,000, it could mean the bottom isn't in yet.

The MVRV ratio, analyzed by cryptocurrency expert Ali Martinez, suggests it's a good time to buy Bitcoin. When this ratio falls below its 90-day average, historically, buying Bitcoin has led to an average gain of 67%. Martinez also points out a shift in Bitcoin's correlation with the Global Liquidity Index, which used to be strong but has waned in 2024. This year, maintaining Bitcoin's upward trajectory might need a liquidity boost before the US elections.

On the flip side, Bitcoin miners are seeing a surge in transaction fees. Recently, these fees reached 1,258 BTC. Despite this, the creation of new Bitcoin addresses has slowed down, with only 260,838 new addresses made recently. The increase in transaction fees is mainly due to the Runes protocol.

In conclusion, Bitcoin's recent recovery is catching attention, but its path forward is uncertain. While profitability remains high, potential market bottoms and shifting correlations hint at a complex landscape ahead. Keeping an eye on transaction fees and address creation could provide further insights into Bitcoin's trajectory.