Bitcoin metric signals volatile $40k-$22k move, analyst says

24/05/2023 ads title


On-chain data for Bitcoin suggests that the flagship cryptocurrency may experience significant price movements in the near future. According to Glassnode lead analyst James Check, BTC’s sell-side risk ratio is approaching an all-time low, indicating that investors are reluctant to spend coins which are in profit or loss within the current price range. This usually happens when sellers are exhausted on both sides, which suggests that big moves are coming. Check says that Bitcoin could see a volatile phase within the $40k and $22k price range, and traders should be prepared for this. At the time of writing, Bitcoin was trading around $26,400, about 3% down in the past 24 hours. Realized Profit and Loss metrics provide insights into the Bitcoin market, and they offer signals on holders’ sentiment, capital flows, and behaviour patterns. These indicators currently suggest that Bitcoin price could be setting up for a prolonged reaccumulation phase. The analyst believes that Bitcoin usually has a 12-month reaccumulation period after a bottom. Thus, traders need to be cautious and patient in the current market.

Tambahkan struktur heading:
– H1: Bitcoin On-Chain Metrics Suggest Big Moves Coming
– H2: Bitcoin price outlook from holders sentiment, capital flows, and behavior patterns
– H3: What next for Bitcoin price?
– H4: Share this article
– H4: Categories
– H4: Tags


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