The Bitcoin bottom could possibly be in! On-chain data, BTC’s technical set-up, and the potential for improving macroeconomic conditions could be setting the foundation for the next market cycle.
. The recent rally shows signs of on-chain signals moving into bullish territory.
Currently, the Realized Price of Bitcoin sits at $19,715. If the price holds above this level, it will encourage buyers sitting on the sidelines to join the rally.The indicator is used to identify bullish and bearish trends. When the price is in an uptrend, investors add to their winning positions during pullbacks, indicated when the SOPR indicator’s value stays above one. The inverse happens in a bear; bears dominate the market by selling into rallies.
Another reliable short-term on-chain indicator is Spend Output Profit Ratio . It measures the profitability of Bitcoin transactions based on the price of tokens when they are added and withdrawn from specific addresses.Another notable development has occurred with Bitcoin miners, who were one of the most significant sellers in 2022 as the market price dropped below the production cost of Bitcoin, putting pressure on them. However, the days of miner capitulation are likely behind.
The stark similarities between Bitcoin’s previous cycles and a relief from the ongoing miner sell-off should aid buyers in building a long-term bullish support level.
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