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Bitcoin [BTC]: As market hits ‘transition phase,’ here are the things to look out for

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On-chain data revealed that BTC’s ongoing performance is hinting at an imminent bear market end While many BTC holders remain in profit, the level of profitability has started to decline In its latest report, on-chain analytics company Glassnode analyzed Bitcoin’s [BTC] on-chain performance. In doing so, it observed that the prevailing price movements resemble previous […]

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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