Bitcoin’s Upcycle Shows Small Drawdowns, Report

Name	Symbol	Market	Market Cap ($)	Algorithm
Mina	MINAUSD	Crypto	574,736,380	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Mina

MINAUSD

Crypto

574,736,380

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.004	0.74%	0.544	0.543	0.544

Price Change

Price Change %

Current Price

Bid Price

Offer

0.004

0.74%

0.544

0.543

0.544

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.55008	0.513	0.541	0.540	0.349000 - 1.73

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.55008

0.513

0.541

0.540

0.349000 - 1.73

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	00:32:12	169.89	0.544	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

00:32:12

169.89

0.544

USD

Price x Volume	Volume	Base Symbol	Related Pairs
456,176.41	848,606.66	MINA	MINAEUR	MINAGBP	MINABTC

Price x Volume

Volume

Base Symbol

Related Pairs

456,176.41

848,606.66

Bitcoin’s Upcycle Shows Small Drawdowns, Report

24/04/2023 9:30pm

NEWSBTC

The Bitcoin (BTC) market has faced some resistance this week, according to a report by cryptocurrency analytics firm Glassnode. The market reverted from a weekly high of over $31,000 to a low of $27,000, signaling a potential correction in the market. Despite this recent dip, Glassnode’s analysis shows that the opening to 2023 has been historically strong for Bitcoin, with remarkably few significant corrections. The largest correction seen so far has been -18.6%, a relatively small drawdown compared to past cycles. Related Reading: Solana (SOL) Rebounding After A Major Drop, Will It Recover Previous Losses? Bitcoin Market Sees Transition From Loss To Profit According to the report by Glassnode, the aggregate market for Bitcoin has confidently transitioned out of a period of unrealized loss and into one of unrealized profit. This is evidenced by the sharp divergence between supply held in profit versus supply held at a loss. As this shift occurs, the incentive to take profits grows, also reflected in the ratio between supply in profit and supply at a loss. Glassnode’s analysis shows that this oscillator has achieved escape velocity in 2023, confirming the transition out of a regime of loss dominance near cycle lows. This phenomenon has only been observed on 415 out of 4,638 trading days, or just 9% of the time. This shift in the market is significant because it suggests that investors are becoming more confident in Bitcoin’s long-term prospects. As more investors move into a position of unrealized profit, they may be more likely to hold onto their investments rather than take profits and risk missing out on potential gains. Will BTC Retest The $25,000 Support? Altcoin Sherpa, a well-known cryptocurrency analyst, recently shared his thoughts on the current state of Bitcoin. He believes that if the current market area fails, the next area up is around $25k. He also noted that the .382 fib level, a technical indicator, usually gets tapped as a retest eventually. Despite this potential dip, Altcoin Sherpa maintains a bullish outlook on Bitcoin’s market structure. On the same note, Michael Van de Pope, a crypto analyst and trader, suggests that the market is seeking a higher low (HL) in the weekly timeframe, potentially around the $26,500-27,000 range or even as low as $25,000. This suggests that there may be some downside risk in the short term. However, Van de Pope notes that breaking back above $27,800 could lead to a strong upwards reaction for Bitcoin, potentially continuing the uptrend toward $29,000. Related Reading: Cardano At Risk Of Falling 8% If It Doesn’t Hold Above Key Support Line At the time of writing, Bitcoin is trading at $27,300, representing a 0.8% decrease over the past 24 hours. Despite this drop, Bitcoin is holding above its last major resistance level of $27,100. However, some analysts are predicting a potential retest of the $25,000 support floor, which could lead to further downside potential for the largest cryptocurrency in the market. Featured image from Unsplash, chart from TradingView.com

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

MINAUSD Mina