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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Bitcoin’s Upcycle Shows Small Drawdowns, Report

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Bitcoin

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The Bitcoin (BTC) market has faced some resistance this week, according to a report by cryptocurrency analytics firm Glassnode. The market reverted from a weekly high of over $31,000 to a low of $27,000, signaling a potential correction in the market.

Despite this recent dip, Glassnode’s analysis shows that the opening to 2023 has been historically strong for Bitcoin, with remarkably few significant corrections. The largest correction seen so far has been -18.6%, a relatively small drawdown compared to past cycles.

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Bitcoin Market Sees Transition From Loss To Profit

According to the report by Glassnode, the aggregate market for Bitcoin has confidently transitioned out of a period of unrealized loss and into one of unrealized profit. This is evidenced by the sharp divergence between supply held in profit versus supply held at a loss.

Bitcoin
BTC supply in profit and loss. Source: Glassnode

As this shift occurs, the incentive to take profits grows, also reflected in the ratio between supply in profit and supply at a loss. Glassnode’s analysis shows that this oscillator has achieved escape velocity in 2023, confirming the transition out of a regime of loss dominance near cycle lows. This phenomenon has only been observed on 415 out of 4,638 trading days, or just 9% of the time.

This shift in the market is significant because it suggests that investors are becoming more confident in Bitcoin’s long-term prospects. As more investors move into a position of unrealized profit, they may be more likely to hold onto their investments rather than take profits and risk missing out on potential gains.

Will BTC Retest The $25,000 Support?

Altcoin Sherpa, a well-known cryptocurrency analyst, recently shared his thoughts on the current state of Bitcoin. He believes that if the current market area fails, the next area up is around $25k. He also noted that the .382 fib level, a technical indicator, usually gets tapped as a retest eventually. Despite this potential dip, Altcoin Sherpa maintains a bullish outlook on Bitcoin’s market structure. 

On the same note, Michael Van de Pope, a crypto analyst and trader, suggests that the market is seeking a higher low (HL) in the weekly timeframe, potentially around the $26,500-27,000 range or even as low as $25,000. This suggests that there may be some downside risk in the short term.

However, Van de Pope notes that breaking back above $27,800 could lead to a strong upwards reaction for Bitcoin, potentially continuing the uptrend toward $29,000.

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BTC is trading above its key support of $27,100 on the 1-day chart. Source: BTCUSDT on TradingView.com

At the time of writing, Bitcoin is trading at $27,300, representing a 0.8% decrease over the past 24 hours. Despite this drop, Bitcoin is holding above its last major resistance level of $27,100. However, some analysts are predicting a potential retest of the $25,000 support floor, which could lead to further downside potential for the largest cryptocurrency in the market.

Featured image from Unsplash, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

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Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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