▲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
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