The price of Bitcoins is stuck in the consolidation range from 81,000 to USD 86,000 over the past week, showing a high level of indecision between bulls and bears. While most of the indicators in the chain paint the bears of the Prime Minister of Cryptocurrency, the latest piece of data suggests that Bull Run may not end yet.
BTC investors not in full panic mode: Blockchain
In the fresh post on the X, Blockchain Analytics company Glassnode revealed that a specific class of Bitcoin owners called “short -term owners” (STH) are in the face of growing market pressure. This chain observation is based on the values of unrealized losses of this investor’s cohort.
For clarity, an unrealized loss refers to the one that is still on paper, because the investor still holds and sells assets (of a decreasing value). The loss becomes “real” or “realized” when the owner sells a resource with a value lower than the purchase price.
According to Glassnode, unrealized losses of Bitcoins investors have climbed in recent weeks, especially pushing compact -term owners towards a significant threshold +2σ. Relative unrealized Strat Strat record, which in the past was associated with increased sales pressure.
However, Glassnode noticed that the size of STH losses is still in the extent usually observed on the bull market. In particular, the amount of these losses pales in the entire market square in 2021, suggesting that the bull cycle may not be made yet.
Source: @glassnode on X
To illustrate this, Glassnode revealed that the 30-day loss of short-term Bitcoin owners has currently exceeded $ 7 billion, which is the greatest event of lasting loss in the current cycle. Despite the importance of this figure, it is still much less solemn than the events of surrender observed at the beginning of earlier bear markets.
For example, the realized Bitcoin losses increased to $ 19.8 billion and $ 20.7 billion during the main price corrections in May 2021 and 2022, taking into account that the losses are still much below the earlier capitulation events, there is a chance that the market has not yet reached panic mode.
Bitcoin price at first glance
In this letter, the Bitcoin price is about USD 84,300, which reflects an boost of 0.3% in the last 24 hours. According to data from Coingecko, the flagship cryptocurrency has dropped by only 0.6% in the last seven days, emphasizing the uncertain state of the market.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Recommended photo from Istock, chart from TradingView
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