The Answer Is Net: Is The Decline In Cryptocurrency Over? Glassnode Announced!

The decline in Bitcoin price has stopped for now, so can we say that it is completely over? On-chain data gives strong signals. Just as historical data warned about the increase in volatility this week, the same models also give many signals about the current situation. Although it does not predict the future, it may be useful to take a look at the on-chain readings, as the success rate is high.
Is The Decline In Crypto Coins Over?
It would be wise to examine the status of Bitcoin, especially after completing the bearish week. The metrics reveal how recent events have impacted BTC holdings and demand. The number of addresses that are in profit or loss is an important metric for Bitcoin analysts. It gives a rough estimate of how traders have been affected by recent bearish conditions. It can also be used to assess the impact of selling pressure.
According to a recent Glassnode report, the number of Bitcoin addresses at a loss has reached a new monthly high. This means that Bitcoin's breakeven point is above the current level, confirming the short-term focus. Meanwhile, the BTC supply, which has been active for over 10 years, has reached a new ATH level.
In the short term, the decline may have ended according to the above ATH signal.
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