As Bitcoin revisits $26,000, hopes of a rebound rise: Decoding the possibilities
1,10,100 XRPs worth todayLim assessed BTC’s Spent Output Profit Ratio for short-term investors. It found that whenever the king coin’s market bottoms out, its unrealized gain/loss ratio drops below -0.18. This indicates that a considerable amount of BTC is being held at a loss until the market reaches its bottom.
Conversely, during bull market peaks, the short-term SOPR indicator “soars.” This suggests that this cohort of BTC holders has taken to coin distribution.“Recently, not only has short-term investors not been very profitable, but from a cycle point of view, recent bull period since the bottom in November 2022 has been less than 6 months.”At press time, BTC exchanged hands at $26,882.14 after oscillating between the $27,000 and $27,800 price range for a few weeks.
When BTC’s price re-entered $27,000 during intraday trading hours on 18 May, its social dominance immediately climbed by over 50%. At press time, this was 28.34%.Further, data from Santiment’s Trending Keywords dashboard showed that the trending keywords in the past 10 hours were related to hardware wallets & security. According to Santiment, a clear indication of fear in the crypto market is when most top trending keywords center around hardware wallets and security.
This echoes the safety concerns expressed by traders following the unexpected collapse of cryptocurrency exchange FTX in November 2022, which ultimately marked a bottom for the market.
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