The Bitcoin price is up 40% year-to-date (YTD) and has recaptured the $23,000 level. However, with ongoing concerns around DCG and Grayscale as well as macroeconomic uncertainties, many investors doubt the sustainability of the recent price rally. With higher prices, motivation among investors may be increasing to use the current price level to exit and gain liquidity, especially after the long and painful bear market in 2022, as Glassnode discusses in its report. The renowned on-chain analysis firm examines in its newest research whether Bitcoin’s recent bounce above the price it has last seen before the FTX collapse is a bull trap or if indeed a new bull run is on the horizon. Bitcoin On-Chain-Data Suggests Glassnode notes in its report that the recent price spike in the $21,000-$23,000 region has resulted in the reclamation of several on-chain price models, which has historically meant a “psychological shift in holder behavior patterns.” Related Reading: Bitcoin Weekly RSI Reaches Line Between Bear & Bull Market The company takes a look at the Investor Price and Delta Price, noting that in the ..
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