Bitcoin (BTC) made a strong move above $30,000 last week but has faced some selling pressure since then, currently trading at $29,560 and a market cap of $571 billion. However, crypto market analyst Ali Martinez points out one on-chain indicator, the Bitcoin Reserve Risk, which hints at strong bullish momentum for Bitcoin going ahead. Based on the purchases by Ethereum addresses, Martinez also wrote about the strong support and resistance levels for Bitcoin. On-chain data provider Glassnode notes that over 23.3% of the supply held outside exchanges owned by long-term holders are underwater on their position, showing similarities to early 2016 and early 2019. Additionally, 6.2M BTC have returned to profit (32.3% of supply), with the incentive to spend and sell Bitcoins with every price rise growing further. Glassnode also points out another interesting metric dubbed NUPL, which measures how the Bitcoin market cap is currently positioned against the unrealized profit, suggesting that the market is at a very neutral level. (coingape)
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