Bitcoin offer with a profit 88% gives a strong market support: Glassnode

Bitcoin (BTC) may face short -term volatility, but Glassnode's fresh chain information indicates a resistant foundation under the market surface.

Despite the recent all -time highest setback (ATH), more than $ 109,000, BTC has recovered from its lowest in April near $ 75,000 to consolidate over $ 94,000, making a profit of 88% of its circular offer.

Market reset with strong basics

Glasses reported This Bitcoin market value realized value (MVV) has cooled to its long -term average of 1.74. According to the analytical company, historically, this level of resetting often corresponds to the market consolidation stages, most recently seen in August 2022, where unrealized profits were cut up before another leg.

Meanwhile, the ratio of profits to loss has increased over 1.0 again, pointing to a sentiment change as merchants move from underwater positions to make modest profits. Per Glassnode's own analysisDevelopment shows that there is enough liquidity and confidence in the market to absorb the realized benefits, which is an important sign of strength.

Macro -indicators seem to agree, Axel Adler Jr. Analyst show The 30 -day change of the Bitcoin Union Volatility Index remains -3.5%, indicating that the market is still in the gathering phase. According to Adler, panic sales phases usually occur when the index rises by more than 15%, further strengthening the notion that most of the market participants quietly position a higher price increase.

Consolidation before the next move?

However, the current BTC market movement paints a hardened short -term image. During this writing, the largest cryptocurrency ceiling in the market dropped slightly 1.3% over the last 24 hours and traded between $ 93,806 and $ 95,741 after oscillating between opponents of two and $ 95,741.

It had also slipped 0.9%over the last week, but still remained 8.5%within two weeks. In addition, the property has reached 13% in the last 30 days and is only 13% away from ATH.

However, the risks remain. When the BTC approaches the psychological $ 100,000 mark, which is the level of aggressive spread of long owners, which is in earlier cycles, observers are cautious about the inflow of possible supply. Glasses warns The fact that the upward impetus from here requires the same strong demand for profit.

Whether it is due to the continuing introduction of the ETF, buying the company's treasury or retail interest is still a key issue that may move forward.