online gambling singapore online gambling singapore online slot malaysia online slot malaysia mega888 malaysia slot gacor live casino malaysia online betting malaysia mega888 mega888 mega888 mega888 mega888 mega888 mega888 mega888 mega888 Bitcoin hodlers ‘under siege’ at $42K as 30% of BTC supply flips from profit to loss


images/2022-01-19-2.png

▲圖片標題(來源:cointelegraph)

Bitcoin (BTC) hodlers face a crucial week in more ways than one as $42,000 rekindles a familiar battle.

As noted by on-chain analytics firm Glassnode on Monday, 30% of the BTC supply is now at a loss — historically, this has been a key number to defend for bulls.

Mixed opinions on rebound chances

Bitcoin’s descent from $69,000 to current levels — at one point over 40% — is nothing unusual, but for long-term investors, there is a specific reason to hope that current support holds.

Looking back at historical price performance, Glassnode reveals that once 30% of the supply goes “underwater,” price rebounds often occur.

“As the bears apply pressure to the in-profit cohort of holders, Bitcoin bulls are defending a historically significant level of the Percent of Supply in Profit metric,” staff explained in the latest edition of its weekly newsletter, “The Week On-Chain,” describing bulls as “under siege.”

“This magnitude of ‘top heavy supply’ was defended in two instances in the last few years.”

These were the post-COVID-19 market crash in March 2020 and summer 2021 in the aftermath of the China mining crackdown. The 30% in-loss level resulted in an upside impulse move for spot price in both instances.

Continuing, Glassnode acknowledged that the same result is nonetheless far from guaranteed this time around.

轉貼自: Cointelegraph

若喜歡本文,請關注我們的臉書 Please Like our Facebook Page: Big Data In Finance


留下你的回應

以訪客張貼回應

0
  • 找不到回應

YOU MAY BE INTERESTED