Bullish Signal: Bitcoin Realized Profit And Loss Fall To October 2020 Levels

2023-6-20 14:24

As the Bitcoin price continues to struggle, some metrics have begun to emerge that could mean that the current bearish trend is only temporary. The realized profit and loss levels for BTC have continued to fall over the last six months and have now hit a level that suggests the start of another upward rally.

Bitcoin Realized Profit And Loss At Two-Year Lows

Data from on-chain aggregator Glassnode shows that the realized profit and loss among Bitcoin holders have been on the decline. This fall in realized profit and loss follows the rollercoaster price action recorded over the course of 2023 so far, and as the price has struggled with the $26,000 level, the realized profit and loss margins have fallen to October 2020 levels.

Now, the realized profit and loss levels are important because it shows the amount of profit-taking and loss-taking happening in the market. Profit-taking occurs when investors are selling their BTC for a higher price than they purchased them, and loss-taking is when they are selling for a lower amount than it was purchased. A drop in both of these indicates that there is less selling happening in the market right now.

This is bullish for the price of Bitcoin because the selling pressure is now dropping, making room for the price of BTC to rebound. It also means a reduction in the available BTC supply in the market as investors opt to hold rather than sell. This allows room for growth in demand and can translate to a further increase in the price of the digital asset.

The Start Of Another BTC Bull Run?

The last time that the realized profit and loss levels fell this low was back in October 2020 which marked the start of the bull market. It was an almost non-stop climb from October 2020 to the new year where BTC went from around $11,000 to over $30,000 in a matter of months.

If this exact scenario were to repeat once more, then it is possible that the price of BTC would climb as high as $40,000 in a month, provided that the bulls are able to sustain this rally. This also presents a more bullish scenario for the digital asset, showing that the bearish trend may have reached the end of its rope.

A similar climb to the October 2020 rally would mean a 200% rise over the next couple of months, and from the current level, a 200% increase would see BTC peaking above $60,000.

Nevertheless, the bulls continue to battle the bears as BTC was rejected at the $27,000 resistance on Monday. The digital asset remains in the green, however, up 1.46% in the last 24 hours to trade at $26,765 at the time of writing.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Profit Hunters Coin (PHC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 PHC

levels fall loss realized profit bitcoin months

levels fall → Результатов: 126


Aave Declines, Vitals Levels To Keep An Eye On

Aave Price noted a fresh decline on the daily chart as the coin slipped below the $80 price zone. Over the last 24 hours, the altcoin traveled south and lost 4. 2% of its value. As anticipated, after the altcoin formed a death cross, where the long-term moving average crossed (200-Simple Moving Average) above the short-term moving average (50-Simple Moving Average), the altcoin registered another significant fall in price.

2023-3-1 02:00


Market Sentiment Dangerously Negative As Crypto Fear Index Drops To Two-Year Low

Crypto market sentiment has dropped into the far negative once more. This has been one in the making ever since the Terra crash had begun and investors had scrambled to leave the market. A culmination of this and speculations that the market is headed into one of the longest bear trends ever recorded has now seen sentiment fall to levels not recorded since 2020.

2022-5-26 20:00


Cryptocurrency Purchases Fuel 56% Jump in Visa’s Overseas Spending; MasterCard Launches New Program

While Visa is now warning about the frenzy slowing down as crypto purchases fall back to pre-April levels, they are “still running at a level that is higher than it was six months ago.” The post Cryptocurrency Purchases Fuel 56% Jump in Visa’s Overseas Spending; MasterCard Launches New Program first appeared on BitcoinExchangeGuide.

2021-7-29 19:21


Bitcoin Volatility Plunging While OI on Binance Is Surging with GBTC Sellers Buying BTC

Trading around $34,500, Bitcoin’s price remains range-bound between $30k and $40k. The lack of any price action has volatility simply plunging to April levels. Amidst this low volatility, Bitcoin’s correlation with the S&P 500 has started to rise in recent weeks while the leading cryptocurrency’s correlation with commodities continues to fall.

2021-7-12 15:27


Фото:

Cosmos (ATOM) has extended its correction from the record highs. Here are the important support and resistance levels

Cosmos (ATOM) has advanced from $7. 8 above $26 since the beginning of February, and the current price stands around $20. Fundamental analysis: The risk remains high Cosmos (ATOM) has extended its correction from the record levels registered in the third week of February, and technically looking, the price of this cryptocurrency could fall even more […] The post Cosmos (ATOM) has extended its correction from the record highs.

2021-3-18 00:01