![Bitcoin [BTC]: As market hits ‘transition phase,’ here are the things to look out for](https://i.newsformal.com/images/2023/3/7/cryptoamb/bitcoin-btc-as-market-hits-transition-phase-here-a-bitcoin-btc-as-market-hits-transition-phase-here-a-1633189020061794304.webp)
on-chain performance. In doing so, it observed that the prevailing price movements resemble previous bear market bottoms.
Glassnode assessed BTC’s Net Unrealized Profit/Loss metric and noted that “the current state of the market can be reasonably described as resembling a Transitional Phase,” which is common “in the later stages of a bear market.” According to Glassnode, the weekly average of NUPL has changed from a state of net unrealized loss to a positive condition since mid-January. This is a sign that the typical BTC holder now holds a net unrealized profit of approximately 15% of the market cap, resembling transition phases in previous bear markets.
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Crypto market can witness another crash if Bitcoin [BTC] drops below..If BTC’s price goes below the $22,300 range, it can drop further down. Negative sentiments prevailed in the market but a few metrics had a bullish bias. Bitcoin [BTC] has been disappointing investors for quite a few days with its sideways price action. CoinMarketCap’s data revealed that BTC failed to register gains last week as […]
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