As with bitcoin staggers, this indicator suggests hope for bulls

Bitcoin has been on a sideway trajectory since falling from the $ 49,000 area. The first cryptocurrency on the market seems to be convincing, as bears are unable to regain control of current price action.

Related Reading | The price of Bitcoin closes with a 10% move, but does it start any further?

At the time of writing, BTC is trading north of $ 48,000, an important support zone that could jump to new heights. Although some “crab-like” work has been done in the short term, the high period still records significant gains.

At a rally on the BTC daily chart. Source: BTCUSD Trading View

Businessman Justin Bennett Believes When Bitcoin goes from 50,000 50,000 to 53 53,000 the key to the next leg up will be unlocked. If the bulls could break above that level, the price of BTC should re-enter the 60 60,000 zone for the first time since May 2021.

Otherwise, Bitcoin could still see some negative risks towards the mid-region of its current level at 45 45,000. Failing to sustain that support, BTC could return to the 40,700 area, which is likely to slip further down to $ 36,500.

Source: Justin Bennett via Twitter

Unlike September, October historically is the green month for BTC. Many traders are betting on this possibility.

Therefore, there is a rapid change in market sentiment as BTC rises from the low of $ 40,000 to its current level. In addition, businessman John Wick Believes There is the right material and environment to support a new all-time high, as shown below.

Source: John Wick via Twitter

Bitcoin at a crossroads, why could a fresh ATH result in even more profits?

In a separate report from Glasnod Insights, analyst Checkmate recorded that 10.3% of bitcoin supply returned to the state of unrealistic profits. This suggests that many buyers have entered the position as BTC is moving from 40,000 to 41 41,000.

Related Reading | TA: Bitcoin goes green, why BTC could break $ 50K soon

So, why the price of BTC can find a “price floor” around that level. So far, about 86.6% of BTC’s total supply has stood at unrealistic profits, as shown in the chart below.

Source: Glassnode Insights

This increases the incentive for investors to take two routes depending on the price of Bitcoin. More investors can hold on to their profits, if prices continue to rise, or if they go the other way, they may realize some of their gains. The analyst says:

If the higher trend of the market continues and a bullish continuation continues, this fractal will be similar to both 2013 and 2017 markets. In both previous cycles, a NUPL value of 0.5 served as a ‘support’ level during the big correction as market profitability and retention perspective were tested, bounced and subsequently higher assembled.

In support of the bullish thesis, Glassnode records প্রতিদিন 1.75 billion in capital flows per day in the market as purchase demand.

Related Reading | Why Bitcoin remains strong despite the market crash in the $ 100K discussion

In addition, the Spend Volume Edge Band, a metric used to measure the total percentage of BTC’s supply-hand exchange, suggests that “old hands have a strong suffix and are not spending at current prices.”

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