“The market strength remains solid,” they say Glassnode analysts.
Capital tickets were fired during the last month.
Bitcoin (BTC) already marked a new historical maximum, with the price of digital currency exceeding USD 109,500 for the first time. For many, the beginning of an even more upward stage for BTC. For others, a profit taking period that could push the downward price.
So far from the current day, the price of Bitcoin reached USD 109,678, and then abruptly correct to USD 107,313 and stabilize in the order of the USD 107,540at the close of this report, as observed in the following image of TrainingView.
Such correction is the product of Short -term investor movementsthose with less than 155 days within the market, who before the BTC price record took profits.
This already happened. When BTC accelerated towards the USD 93,000 last week and continued up, A significant increase in profits taking activity was appreciatedwhich reached a peak of the USD 747 million per day, according to data from Glassnode.
According to Glassnode, which is an analysis and research firm of the market, the taking of profits by short -term investors “emphasizes how drastic the rebound in the feeling and expense behavior of the new investors.”
This traders’ actions was reported by cryptootics a few days ago, when it was reported that, when BTC ranged over the USD 105,000, these investors were in the profit zone and began to leave the market. This, slowing the bitcoin bullish impulse.
Glassnode warns that excessive gain taking “can exceed the flow of new demand, resulting in an excess superior supply that acts as resistance.” In other words, sales pressure derived from these profits can stop or reverse the bullish impulse, potentially leading to a correction or stagnation in priceswhich is precisely what is currently happening.
A fight between vendors and buyers
Now, although the impact of gain shots is already felt after Bitcoin’s new ATH, still A fight between Bitcoin buyers and sellers persists.
If the risk ratio on the side of the sale is evaluated, which is a tool that allows you to observe how balanced the market is from the vision of existing traders, it is denoted that investors They are spending coins with great gain or loss In relation to its cost base.
When this relationship indicates this behavior of traders, it suggests an unbalanced market, where sales movements They can be driven by benefits or loss closingreflecting an environment of high volatility or uncertainty.
In that sense, in the group of short -term traders there is a Pronounced increase in your risk ratio on the side of the sale. Although it remains significantly below the levels that are often seen around the main peaks, as seen in the graph below:
However, this only suggests that There may still be space for the market rally to continuesince investors are not yet ensuring excessive profits in relation to their total holdings. This implies that there could be space for the market increase to move forward.
And while it does not necessarily mean that there will be BTC purchases immediately, it does see that current conditions They do not show an exhaustion of the bullish impulseleaving open the possibility of more acquisitions if other market factors favor it.
Capital tickets to the Bitcoin market were fired
Another factor that determines that the bullish impulse is far from finishing is the metric of the capitalization carried out, which allows to know the Net capital flows that have accumulated in a certain digital asset.
In the case of the Bitcoin network, during the last month, the total value stored has increased 4.2%, which suggests that capital tickets to the market are shootingaccording to Glassnode.
For this monthly increase, Bitcoin’s capitalization reached a new AT, overcoming the USD 900,000 million for the first time (even a few days before the AT price), as seen in the graph below:
This is “a significant milestone that underlines the immense value that investors have stored in the main digital asset,” said Glassnode, highlighting the sustained confidence in Bitcoin, which is more than reflected in the accumulation of value despite the volatile dynamics of the market.
