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Bitcoin price enters ‘transitional phase’ according to BTC on-chain analysis

Published 03/06/2023, 05:26 PM
Updated 03/07/2023, 12:00 AM

The hopeful optimism of Bitcoin (BTC) traders seemed to dissipate in the first week of March as key on-chain metrics provided resistance.

Now Bitcoin is threatening a retest of the $22,000 level, and a wave of short sellers would stand to profit if that occurred. If the short sellers’ strike price hits, some analysts believe Bitcoin could drop as low as $19,000.

Bitcoin options by strike price. Source: Coinglass
Bitcoin supply cost basis by time held. Source: Glassnode
Bitcoin exchange volume. Source: Glassnode
Bitcoin NUPL. Source: Glassnode

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