- Bitcoin (BTC) price maintained its rally and rose 4.77% in the past 24 hours.
- The current growth is speculated by many to be the start of a new bull run with the bottom already in place.
The ongoing rally in the digital currency ecosystem has proven unlike any seen last year with Bitcoin (BTC) is trading above the $21,000 threshold for the first time in nearly 90 days. According to According to data from cryptanalytic service provider, Glassnode, Bitcoin has now made more on-chain profits for the first time since June 2022.
For the bear market that has been ravaging the crypto ecosystem since the beginning of last year, it is becoming quite unusual to print impressive and sustained price increases for days. This is what Bitcoin did and the first digital currency is currently in place down 1.80% to $21,183.10 in the last 24 hours. This growth is complementary to the 22.83% it has accumulated over the 7-day period. With this type of growth, investors tend to lose their resolve to HODLing.
For the first time since June, #Bitcoins saw a greater volume of on-chain profits than losses |…]During bear cycles, this tends to act as a psychological level where investors sell at or near the breakeven point, creating resistance.
For the first time since June, #Bitcoins saw a greater volume of profits made on the channel than losses.
During bear cycles, this tends to act as a psychological level where investors sell at or near the breakeven point, creating resistance.
— glass node (@glassnode) January 16, 2023
Is the bottom really for Bitcoin (BTC)?
The recent price hike has pissed off many investors and expect more. In reality, waiting out the bear market may be too demanding for long-term holders, and a sign of growth does a lot of wonders if the the bottom is in and the bull cycle finally started.
Although on-chain metrics are very crucial at this point, especially with the fact that Bitcoin has not characteristically retraced its growth after notably crossed the 200-SMA above the $19,500 threshold. Many are beginning to read this resilience as an indication that perhaps the bottom has set for the cryptocurrency, paving the way for an uptrend from now on.
Despite the majority of wallet addresses currently being profitable, Bitcoin (BTC) still has a long way to go to reach its previous all-time high (ATH) of $68,789.63.
While its 69.19% drop from this price level seems daunting, expectations abound that a return to its 52-week high at $48,086.84 will be significant compensation for the coin’s oldest HODLers. digital.
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The main basis of growth
For bitcoin to register another growth rebound that will at least see its price break above the $1 trillion mark, it must receive the unwavering support of all institutional investors. While the likes of black rock and U.S. business intelligence and software firm MicroStrategy Incorporated continue to hold on to their hefty BTC holdings, other corporate buyers are expected to join the action to help cushion the effects of erratic selling by retail investors.
Big buyers (whales) remain notably cautious in the market at the moment given the implosion of the FTX Derivatives Exchange. BTC’s selling point, however, revolves around the decentralized nature of the coin and its independence from any entity whatsoever.
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