Ethereum

Bitcoin

<p>Despite robust inflows into <a href="https://coingape.com/gbtc-outflows-make-way-into-spot-bitcoin-etfs-bitwise-records-68-million-inflows/" target="_blank" rel="noopener">Bitcoin ETFs</a> in the past week, the Bitcoin price remains under considerable selling pressure, experiencing a 7% decline over the same period. Currently, the BTC price hovers around the $42,750 mark, exhibiting limited movement despite the increased activity in Bitcoin exchange-traded funds.</p> 
<h3 id="bitcoin-s-supply-in-profit-at-risk-levels">Bitcoin’s Supply In Profit At Risk Levels</h3> 
<p>Santiment, an on-chain data provider, reports that Bitcoin (83%), along with other altcoins like Ethereum (84%), and XRPLedger (81%) currently exhibit historically high-risk profit levels. These figures surpass their average ranges of 55%-75%, dating back to 2018.</p> 
<p>Despite the potential for further cryptocurrency ascent driven by increased exposure from ETFs and positive news, a key indicator for sustained long-term growth would be a drop below 75% of their supplies in profit, according to Santiment.</p> 
<figure id="attachment_174953" aria-describedby="caption-attachment-174953" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-174953" src="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Supply-In-Profit.jpeg" alt="" width="2743" height="1791" srcset="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Supply-In-Profit.jpeg 2743w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Supply-In-Profit-300x196.jpeg 300w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Supply-In-Profit-1224x799.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Supply-In-Profit-768x501.jpeg 768w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Supply-In-Profit-1536x1003.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Supply-In-Profit-2048x1337.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Supply-In-Profit-150x98.jpeg 150w" sizes="(max-width: 2743px) 100vw, 2743px">
 <figcaption id="caption-attachment-174953" class="wp-caption-text">
  Courtesy: <a rel="nofollow" href="https://twitter.com/santimentfeed/status/1747870785853882440" target="_blank">Santiment</a>
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<h3 id="btc-forms-a-golden-cross">BTC Forms A Golden-Cross</h3> 
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            <p>Bitcoin’s 50-week simple moving average (SMA) has recently crossed above the 200-week SMA, a phenomenon known as the “golden cross.” This event, appearing on the Bitcoin weekly price chart for the first time, is seen by market enthusiasts as a positive signal for asset prices.</p> 
            <p>The golden cross, indicating a potential long-term bull market, is a concept rooted in technical analysis and traces its origin to Japan. However, some traders caution that crossovers, while considered forward-looking indicators, may be subject to lag, as averages are based on historical data and reflect past price movements. The current golden cross on the weekly chart follows a significant Bitcoin rally of over 70% to $42,700 in the last four months.</p> 
            <figure id="attachment_174963" aria-describedby="caption-attachment-174963" style="width: 100%" class="wp-caption aligncenter">
             <img decoding="async" class="size-full wp-image-174963" src="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Golden-Cross.jpg" alt="" width="1052" height="453" srcset="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Golden-Cross.jpg 1052w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Golden-Cross-300x129.jpg 300w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Golden-Cross-768x331.jpg 768w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Golden-Cross-150x65.jpg 150w" sizes="(max-width: 1052px) 100vw, 1052px">
             <figcaption id="caption-attachment-174963" class="wp-caption-text">
              Courtesy: <a rel="nofollow" href="https://www.coindesk.com/markets/2024/01/17/bitcoin-sees-its-first-ever-weekly-golden-cross/" target="_blank">CoinDesk</a>
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            <h3 id="btc-price-action-ahead">BTC Price Action Ahead</h3> 
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                        <p>Bitcoin struggled to break out of its range, remaining below the $43,000 level on Tuesday. Market participants expressed disappointment as BTC price action continued to be constrained beneath the <a href="https://coingape.com/bitcoin-btc-price-drop-risks-250-mln-long-liquidation/" target="_blank" rel="noopener">crucial resistance</a> point of $43,418, representing the lower boundary of a bearish imbalance zone according to the price chart.</p> 
                        <p><img decoding="async" class="aligncenter size-full wp-image-174967" src="https://coingape.com/wp-content/uploads/2024/01/BTCUSDT.png" alt="" width="2368" height="1546" srcset="https://coingape.com/wp-content/uploads/2024/01/BTCUSDT.png 2368w, https://coingape.com/wp-content/uploads/2024/01/BTCUSDT-300x196.png 300w, https://coingape.com/wp-content/uploads/2024/01/BTCUSDT-1224x799.png 1224w, https://coingape.com/wp-content/uploads/2024/01/BTCUSDT-768x501.png 768w, https://coingape.com/wp-content/uploads/2024/01/BTCUSDT-1536x1003.png 1536w, https://coingape.com/wp-content/uploads/2024/01/BTCUSDT-2048x1337.png 2048w, https://coingape.com/wp-content/uploads/2024/01/BTCUSDT-150x98.png 150w" sizes="(max-width: 2368px) 100vw, 2368px"></p> 
                        <p>Facing resistance at the 50% Fibonacci Retracement level, situated at $43,074 and derived from Bitcoin’s decline between November 2021 and November 2022, BTC encounters a key hurdle. Additionally, the lower boundary of the imbalance zone, spanning from $43,418 to $45,607, presents a second resistance level. Analysts suggest that once this gap is filled, Bitcoin’s price is likely to resume its downward trajectory.</p> 
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<p>The post <a href="https://coingape.com/bitcoin-btc-supply-in-profits-at-high-risk-levels-further-correction-ahead/">High Profit Supply Risk for Bitcoin, Ethereum, and XRP: Is a Correction Imminent?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

High Profit Supply Risk for Bitcoin, Ethereum, and XRP: Is a Correction Imminent?

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