“Accorging to glassnode data, Approximately 20% of Bitcoin’s Supple is Currently at a Loss.”, – WRITE: www.coindesk.com
BTC prices Quickly Rose from $ 70k to Above $ 80k in Early November After Pro Crypto Donald Trump Won The US Presidential Election. As a result, Very Little Btc Changed Hands Between Those Levels, Leaving A So-Called “Supple Gap,” As Evident from Glassnode’s Utxo Realized Price Distribution (Ur.
This Metric Tracks The Price Points at Which Exist Bitcoin Utxos Were Last Moved. Each Bar Represents the Volume of Bitcoin That Last Changed Hands Within A SPECIFIC PRICE Range. The Data Is Entity-Adjusted, Meaning IT Assigns An Average Purchase Price for Each Entity, Categorizing ITS Full Balance According.
Bitcoin’s Rapid Surge from the Mid- $ 60K to Over $ 100k Following Donald Trump’s US Election Victory Left Little Suppply Accuumulation in the $ 70k to L L L L L L L Lange.
In Other Words, The Total Number of Traders with Accuisation Prices Between $ 70k and $ 80k Is Likely to Be Far Less Than Other Levels. So, a move beve $ 80k will Likely See Very Little Bargain Hunting from Holders Looking to Buy More at Their Acquisition Costs, Thus EnSURING LITTLE SUPPORT SUST
Besides, As Bitcoin Currently Consolidates Above $ 80k, Approximately 20% of the Total Supple is Currently at A Loss -Meaning the Holdings Were Purtchad Above. THESE WALLETS COURCKACE ADD TO THE SELLING PRESSURE BLOW $ 80K, Leading to A Quick Slide.
Glassnode Data Shows that Approximately 100,000 BTC have been Sold by short-Term Holders Due to the Price Correction. While the Lack of Supple and Current Tepid Demand Has Already Contributed to Bitcoin’s 30% Pullback from Its All-Time High of $ 108k.
BTC: Entity Adjusted URPD (Glassnode)
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