Main points:
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Glassnode finds that Bitcoin in the middle of the correction of textbooks after its highest levels ever.
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In order for the correction to turn to the seller’s exhaust, the BTC price must decrease to approximately $ 104,000.
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Short -term holders see major profit changes within the current BTC price range.
Bitcoin (BTCClassic presents “post -orgasm unification” as the new analysis appoints $ 104,000 after that.
In the September 4 edition of the regular newsletter, “The week onchainCrypto Analytics Glassnode confirmed the new BTC price “Tawheed Corridor”.
Bitcoin profit “quantities” in focus
Bitcoin Price’s action continues to disturb those who feel that Bull Run should already return.
While gold and risk origins are higher, BTC/USD is stuck in limits between 10 % and 15 % less Its latest level ever From August.
“Since the highest level in mid -August, Bitcoin entered a flying downward direction, as it decreased to 108 thousand dollars before returning to 112 thousand dollars,” Glassnode is summarized.
“With the rise of volatility, the main question is whether this represents the beginning of the real bear market or just a short -term contraction.”
To answer this question, researchers looked at the price to which the active BTC supplies moved, and divided it into different “quantities”.
0.95 quantities, which correspond to the price in which 95 % of the offer is in profit, is of particular importance.
“Nowadays, the price is traded between 0.85 and 0.95 of the quantitative cost, or in the range of 104.1 thousand dollars to 114.3 dollars. Historically, this region was a unification corridor after the joyful peaks, often leading to a volatile side market,” explained the week. ”
“Therefore, breaking less than 104.1 km will menstruate the subsequent stages of exhaustion that were seen earlier in this session, while a recovery of more than $ 114.3 thousand dollars would indicate the finding of its foot and the restoration of control of the direction.”
Glassnode notes that the journey to the highest levels of August was distinguished between the third bishops of bitcoin in the current bull market, and that such movements are not sustainable for long periods.
Blacks between black and red bounces
Other main prices on the radar include the total sharing level of Bitcoin speculators, also known as short -term holders (STHS).
Related to: Long-term Bitcoin holders 241,000 BTC: Is Sub-100 thousand dollars the following btc?
It has been defined as drains roaming for up to six months, this portfolio Traditionally, price support During the corrections of the bull market.
However, Glassnode notes that STH profitability quickly changes within the current price range.
“The percentage of displaying short -term carriers in the profit provides a clear lens on this dynamic,” continues.
“With the leg drop to 108 thousand dollars, its profit share collapsed from more than 90 % to only 42 %, which is a textbook from a frantic case to a sudden stress area.”
Sths It can suddenly react To the profitability of the negative stirring, with exhaustion quickly from selling at a confusion, allowing the market to bounce.
“This style explains the last recovery from 108 thousand dollars to $ 112,000,” Glassnode adds about the latest BTC price movement.
This article does not contain investment advice or recommendations. Each step includes investment and risk trading, and readers must conduct their own research when making a decision.
