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Bitcoin on-chain data flashes early signs of the BTC bottom being in

Published 11/01/2022, 01:08 PM
Updated 11/02/2022, 08:40 AM
Bitcoin on-chain data flashes early signs of the BTC bottom being in

While Bitcoin (BTC) price support may be psychological for some traders, the statistics behind BTC remaining over $20,000 for a week are strong indicators of price support or, in other words, a new bear market floor. Multiple Bitcoin data points might be able to establish a $20,000 support level.

Last week, Bitcoin reached a high of $20,961. However, it never sustained its upward momentum as the rally fizzled out, failing to break $21,000 support. As a result of the rally as well as the rejection, Glassnode, in its most recent report, analyzes whether or not Bitcoin is hammering out a bear market floor.

Bitcoin UTXO realized price distribution in April 2019. Source: Glassnode
Bitcoin UTXO realized price distribution in October 2022. Source: Glassnode
Historic Bitcoin valuation model with realized price ranges. Source: Glassnode
Total supply in profit and long term holder supply in profit. Source: Glassnode

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