Bitcoin has seen little to no action in its first two days of 2023; the cryptocurrency is bound for a spike in volatility, but in which direction? After experiencing months of downside pressure, there seems to be no room for further losses. Related Reading: Billion-Dollar Hedge Fund Is Betting Against Bitcoin And Grayscale, Not Just USDT As of this writing, Bitcoin trades at $16,700 with sideways movement in the last 24 hours. On higher timeframes, BTC’s price records similar price action. Other cryptocurrencies in the top 10 by market capitalization follow this trajectory. Will History Repeat For Bitcoin? Pain Levels Max Out According to analyst Will Clement from Reflexivity Research, the price of Bitcoin is approaching critical levels on its Net Realized Profit and Loss Over Market Cap. This indicator measures the capital gain or loss for the cryptocurrency. As seen in the chart below, the metric is nearing levels of absolute capitulation when the crypto market and its participants are at their lowest. The industry approached a similar level in 2018 when BTC crashed from $20,000 and Ethereum from $1,400. In ..
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