The crypto market under the auspices of the crypto key currency Bitcoin is currently showing signs of fatigue. The fact that Bitcoin is lagging behind its ATH form is the springboard for the next bull run. The market update.
While the Bitcoin rate was able to catch up to 35,000 US dollars in yesterday’s trading, it is heading south again in a daily comparison
With a 24-hour minus of 5 percent, the largest cryptocurrency slipped to 31,672 US dollars at the time of going to press, leaving it over 13 percentage points in a weekly comparison.
The strong sell-off is reflected in the falling market dominance, which has fallen from the plateau at 72 percent at the beginning of January to the current 63 percent. Investors pulled over $ 100 billion from the digital currency in the last week of trading alone.
Since the Bitcoin exchange rate slowed just short of the US $ 40,000 mark on January 14, the market has been cooling off in a consolidation phase. However, a fluctuation range of around 7,000 US dollars in the last seven days shows that the market is still rumbling. If the cops were able to single-handedly dictate the Bitcoin route for a few more weeks, the recently sleepy bears get involved again and block an increase to the 40,000 mark. Bears and bulls are once again in a lively exchange of blows on the digital markets and let Bitcoin oscillate between resistance and support. According to the current Week-on-Chain report from Glassnode, the indicators speak for a Bitcoin outbreak in the long term.
Bitcoin profit margin
The on-chain analysts link the forecast to the spent output profit ratio (adjusted SOPR). This metric measures the profit of the transferred Bitcoin based on the difference between the buying and selling price. The realized profit, i.e. the output value, is divided by the purchase price. A value of over 1 means that investors sell Bitcoin on average for a profit. The sales price is then higher than the purchase price. Conversely, a value below 1 indicates that the sale of Bitcoin is associated with losses.