After a tiny growth above USD 99,000 on Friday, the Bitcoin market experienced a negative ending of the previous trade week, because prices have advanced below USD 96,000 in acute origin. Based on these events, the most vital cryptocurrency remains in consolidation, without indicating long -term price movement. In particular, Blockchain Analytics Glassnode shared the recent development of the network, indicating a possible price.
Bitcoin on CrossRoads: Key Metric Set can decide on the next move
IN X Post On Friday, Glassnode informs that ASOPT Bitcoin is 1.01, which is a critical metric level that places the cryptographic resource in a fragile market position. A fundamentally corrected profit rate (ASOP) is a measure in a chain that measures the profitability profitability of Bitcoin transactions by comparing the sales price of coins with the acquisition price.
When ASOPT is above 1, it indicates that the average Bitcoin owner sells at a profit. And vice versa, the value below one indicates that BTC is sold with a loss. That is why ASOPT Bitcoin in 1.01 suggests that market participants barely earn in their transactions.
According to Glassnode, the BTC market is historically a forecasting point in which further ASOPT movement in both directions can significantly affect the price trajectory. In 2021, ASOPT Bitcoin will reset about 1.01 preceded by a mighty bull’s course, which ultimately caused a time of 64,800 USD. At the end of 2023, a similar reset was also apparent, which caused a price boost to around USD 69,000.
Passing through these previous events, if ASOPT Bitcoin has above 1.01, this would suggest the absorption of the buyer indicating renewed market trust in anticipation of an incoming price rally. On the other hand, if ASOPT decrease continues a break below 1.0, this development would mean that sellers discharge BTC with a loss that can signal further downward pressure.
Btc price perspective
At the time of writing, bitcoins trade at USD 96,300 after a significant loss of 1.98% on the last day. Meanwhile, the daily volume of trading gained 51.28%, which indicates increased market interest. This increased market interest among a decrease in prices may indicate the sale of panic by interested investors or mighty accumulation by market bulls.
Based on the daily BTCUSDT table, a fracture and maintenance above USD 99,000 may mean the end of the current phase of consolidation leading to a indefinite price boost. However, a price drop below USD 95,000 may pave the way for all bears, and some analysts indicate a potential return to 76,000 USD.
Recommended photo from Istock, chart from TradingView
