Bitcoin

<p style="text-align: justify">The short-term capitalization of <a href="https://en.coin-turk.com/dogecoin-struggles-amid-crypto-market-volatility-a-detailed-overview/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (<a href="https://en.coin-turk.com/bitcoins-swift-recovery-and-the-expected-boom-in-altcoins-following-secs-etf-request-update/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>) has reached a new recovery level after a significant decline, according to a new report by CryptoQuant analyst Binh Dang. The analyst continues to encounter resistance.</p>
<h2 id="analyst-s-bitcoin-commentary">Analyst’s Bitcoin Commentary!</h2>
<p style="text-align: justify">Binh Dang recently analyzed the purchased BTC and found that the capitalization of this age group always affects the token’s price volatility. In previous cycles, the growth in the BTC market was attracting attention with a consistent increase in capitalization within this group. According to Dang, this may indicate an increase in new investors or the accumulation of unspent new outputs.</p>
<p style="text-align: justify">However, in the current market, the metric has not exceeded the 8% threshold in the past few months. The analyst also identified a similar low recovery pattern in the USD capitalization for this age group. The analyst stated the following:</p>
<blockquote>
 <p style="text-align: justify">In late 2022, the realized limit of this group dropped to $19.8 billion and increased to $44 billion when BTC reached $30,000-$31,000. However, it has since dropped to $20 billion and is recovering slightly.</p>
</blockquote>
<p><img decoding="async" class="aligncenter wp-image-265153 size-full" src="https://coin-turk.com/wp-content/uploads/2023/10/btc-1.webp" alt="" width="1280" height="806"></p>
<h2 id="attempted-recovery-in-btc">Attempted Recovery in BTC</h2>
<p style="text-align: justify">The current positions of both measurements indicate that the leading cryptocurrency BTC remains in a recovery phase, which is fragile and consistently derailed by various factors, including macroeconomic and geopolitical issues. This can be seen in the sideways movement of the cryptocurrency in the past few months and the significant recovery encountered at the $30,000 price level. According to Dang, this signals that the BTC market will likely remain uncertain for the rest of the year. The senior analyst stated the following:</p>
<blockquote>
 <p style="text-align: justify">If these data do not show significant and positive trends until the end of the year, the market will likely maintain its uncertainty. Volatility will be unpredictable, so newcomers should not expect continuous and strong price increases as in the first half of this year.</p>
</blockquote>
<p style="text-align: justify">At the time of writing, BTC is trading at $27,592. According to CoinMarketCap data, the token’s value has increased by 7% in the past month. During this period, open positions in futures also increased. When BTC’s open positions increase, it may indicate an increase in unresolved BTC futures contracts. This suggests an increase in demand for BTC and more investors opening new positions.</p> Continue Reading: <a href="https://en.coin-turk.com/bitcoins-short-term-capitalization-faces-resistance-analyst-says/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/bitcoins-short-term-capitalization-faces-resistance-analyst-says/</a>

Bitcoin’s Short-Term Capitalization Faces Resistance, Analyst Says

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