![Bitcoin [BTC]: What you should expect following 2023’s 23% rally](https://i.headtopics.com/images/2023/1/18/cryptoamb/bitcoin-btc-what-you-should-expect-following-2023--bitcoin-btc-what-you-should-expect-following-2023--1615567166790565892.webp)
The recent rally in BTC’s price led to many BTC holders netting unrealized gains. The aSOPR’s attempt to retest the value of 1.0 signaled a bullish trend in the current market. Bitcoin [BTC] started the year with a strong rally of 23.3%, which has resulted in a wide range of investors and miners seeing their […]
The aSOPR’s attempt to retest the value of 1.0 signaled a bullish trend in the current market.
started the year with a strong rally of 23.3%, which has resulted in a wide range of investors and miners seeing their net holdings and operations return to profitability.assessed a few on-chain metrics to determine the meaning behind last week’s recent price surge and underlying factors behind the same.Glassnode considered BTC’s 200-day Simple Moving Average to confirm whether the sentiment in the market in the last week was bullish or bearish.
With the price uptick in the last week, Glassnode found that BTC’s price surpassed the psychological level of $19,500. It added further that BTC markets display a consistent pattern of cycles, with the current cycle trading below the 200D-SMA for 381 days, only slightly less than the 386 days of the bear market in 2018-2019.
Should BTC’s price break above the 200D SMA, one might expect the price to rally as it did in 2019 and 2021.Glassnode further noted that the recent price rally caused BTC’s value to exceed its Realized Value, indicating that the average BTC holder experienced a net unrealized profit in the last week. For context, the current bear market has lasted for 179 days below the Realized Price, making it the second longest bear market out of the last four cycles.
When the 30-day moving average of the aSOPR exceeds 1.0, transactions become more profitable on a larger scale, which usually signals a strong overall market.Subscribe to get it daily in your inbox.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin: Ephemeral rally or the start of new bull cycle? Large investors are confusedOn-chain data revealed that BTC whales are unsure whether BTC’s recent rally marked the commencement of a new bull cycle. Despite the recent price jump, institutional investors stay away from BTC accumulation. New data from on-chain metrics has revealed that despite a 23% increase in the price of Bitcoin (BTC) in the past week, large […]
Read more »
Bitcoin mining difficulty hits new peak despite BTC’s new era shineBitcoin miners faced more challenges as mining difficulty surged. BTC risked a price drop unless demand becomes increasingly impressive. Bitcoin [BTC] in the last two weeks, has adjusted to rejuvenation but the same cannot be said of its miners. According to data from BTC.com, the Bitcoin mining difficulty hit a new high of 37.95T. Read […]
Read more »
![Analyst: Bitcoin [BTC] bottoming like 2018, with one exception](https://i.headtopics.com/images/2023/1/17/cryptoamb/analyst-bitcoin-btc-bottoming-like-2018-with-one-e-analyst-bitcoin-btc-bottoming-like-2018-with-one-e-1615334371858194435.webp?w=640)
Analyst: Bitcoin [BTC] bottoming like 2018, with one exceptionBitcoin is building a bottom akin to 2018, but under different macroeconomic circumstances. The index reached its highest point since 5 April, 2022, when it reached 52 on January 15, 2023. Although there are some similarities between this Bitcoin [BTC] bottom and the one before the 2019 bull run, according to Mike McGlone, senior commodity […]
Read more »
NHL PUCK DROPS: Columnist selects 2022-23 mid-season awards | SaltWireLast week, the NHL's 2022-23 schedule passed its midway point. Here are my mid-season choices for the league's major individual awards. Lyle Richardson - ...
Read more »
No replacement for Chinese GP, F1 season to have 23 racesThe race in Shanghai, originally scheduled for April 16 as the fourth of 24 rounds, was axed last month for the fourth year in a row.
Read more »
No replacement for Chinese Grand Prix; F1 season to have 23 racesFormula One will have 23 races this season, still a record and one more than last year, with the sport facing a four-week gap in April after deciding not to replace the cancelled Chinese Grand Prix.
Read more »