Bitcoin

April

Rekt (rektarb.xyz)

Rekt

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin traders’ profit margins have dropped to nearly zero, potentially easing selling pressure.</li>
 <li>Bitcoin’s realized price for short-term holders has acted as a support during bull markets, currently at approximately $60,000.</li>
</ul>
<p>Bitcoin (BTC) traders may experience some relief from the recent selling pressure as their profit margins have hit nearly zero.</p>
<p>This observation was made by Julio Moreno, head of research at on-chain analytics platform CryptoQuant, who suggested a potential shift in Bitcoin’s price downside.</p>
<h2 id="bitcoin-traders-at-breakeven-point">Bitcoin Traders at Breakeven Point</h2>
<p>The past week has seen a drop in Bitcoin’s price, causing a setback for crypto traders. However, a significant reset could be underway.</p>
<p>Data from CryptoQuant indicates that traders have returned to the breakeven point on exchange holdings at $60,000.</p>
<p>According to Moreno, “Bitcoin selling pressure from traders may be declining as unrealized profit margins are basically zero now.”</p>
<p>An included chart displayed the profit/loss for short-term holders (STHs) — entities owning Bitcoin for 155 days or less.</p>
<p>These speculators have essentially run out of profitable trades, suggesting that selling may now decrease to avoid realizing losses.</p>
<p>Moreno further noted that the traders’ realized price, currently at around $60,000, has served as a support for prices during a bull market.</p>
<h2 id="bitcoin-price-shows-tentative-bounce">Bitcoin Price Shows Tentative Bounce</h2>
<p>On April 18, Bitcoin saw a relief bounce, reaching $64,182 on Bitstamp.</p>
<p>Rekt Capital, a popular trader and analyst, noted on the day, “This is now an -18% deep pullback that has lasted 10 days thus far…this is very close to bargain-buying territory based on pullbacks in this cycle (up to -23% deep at most).”</p>
<p>However, he also mentioned that this is one of the shortest retracements in this cycle, which usually lasts 2-3 weeks and at most up to two months.</p>
<p>Another trader, Skew, suggested that more evidence of spot demand was needed for confidence in a full-fledged recovery.</p>

BTC Value Rebounds Using Support Trigger of 2023 Bull Run

Table of Contents

crypto.ro global

Other articles published on Apr 18, 2024

Coinbase Veteran Nana Murugesan Joins Matter Labs To Scale zkSync

Pioneering Privacy with Collaborative FHE-(E)VM: Interview with Gurgen Arakelov, CEO of Fair Math

Tom Holland’s X Account Hacked for Crypto Scam

BNB Drops to Key Support Level: Is a Price Rebound Likely?

Bitcoin Holds Steady at $62K: Can Bulls Push Past $72K Resistance?

King Kasr: Speaker Coverage

Join our free newsletter for daily crypto updates!