Bitcoin ETF

Bitcoin

April

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<p>According to on-chain data analysis by Glassnode, Bitcoin is at a critical juncture. When BTC soared to $73,800 in March 2024, printing new all-time highs, the Bitcoin market reached a statistically significant level regarding on-chain unrealized profits, according to the Market Value to Realized Value (MVRV) ratio.</p> 
<h2 id="bitcoin-mvrv-ratio-at-historically-significant-level-time-to-hold-or-take-profit">Bitcoin MVRV Ratio At Historically Significant Level: Time To Hold Or Take Profit?</h2> 
<p>The analytics platform&nbsp;<a class="editor-rtfLink" href="https://twitter.com/glassnode/status/1773014300895949302" target="_blank" rel="noopener nofollow">notes</a>&nbsp;that, historically, such levels have coincided with periods of market resistance. Therein, some holders often choose to take profits by exiting their positions.&nbsp;</p> 
<p>It remains to be seen whether the same will be replicated, and prices fall as holders make a profit. However, according to MVRV, this will likely happen if past performance guides.</p> 
<img loading="lazy" decoding="async" class="size-full wp-image-290236" src="https://bitcoinist.com/wp-content/uploads/2024/03/GJsC_0cXQAAxC9X.jpg?resize=1024%2C590" alt="BTC MVRV Bands | Source: Glassnode on X" width="1024" height="590" srcset="https://bitcoinist.com/wp-content/uploads/2024/03/GJsC_0cXQAAxC9X.jpg?resize=1024%2C590?w=4096 4096w, https://bitcoinist.com/wp-content/uploads/2024/03/GJsC_0cXQAAxC9X.jpg?resize=1024%2C590?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/03/GJsC_0cXQAAxC9X.jpg?resize=1024%2C590?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/03/GJsC_0cXQAAxC9X.jpg?resize=1024%2C590?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/03/GJsC_0cXQAAxC9X.jpg?resize=1024%2C590?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/03/GJsC_0cXQAAxC9X.jpg?resize=1024%2C590?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2024/03/GJsC_0cXQAAxC9X.jpg?resize=1024%2C590?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/03/GJsC_0cXQAAxC9X.jpg?resize=1024%2C590?w=1140 1140w, https://bitcoinist.com/wp-content/uploads/2024/03/GJsC_0cXQAAxC9X.jpg?resize=1024%2C590?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<p>Simply put, the MVRV ratio shows how expensive the coin is relative to historical prices. It is a tool for gauging whether Bitcoin, as it is at spot rates, is under or overvalued. When the ratio is above 1, it suggests that it is overvalued.</p> 
<p>When BTC rose to approximately $74,000, the MVRV ratio rose above 3. However, it should be noted that it was way lower than historical levels when Bitcoin registered new all-time highs. When BTC rose to $69,000 in 2021, the MVRV ratio was over 5. At the 2017 peak, this value was over 4.8, which is the highest it has been.</p> 
<h2 id="btc-has-been-under-pressure-will-prices-recover">BTC Has Been Under Pressure, Will Prices Recover?</h2> 
<p>Recently, Bitcoin has struggled to edge higher, looking at price action in the daily chart. The coin remains below all-time highs of $73,800. Even though bulls shook off selling pressure over the weekend, pushing strongly above resistance levels, the follow-through has not been impressive.&nbsp;</p> <a href="https://www.tradingview.com/x/XmRmruzB/" rel="nofollow noopener" target="_blank"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/XmRmruzB/" alt="Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView" width="1787" height="904"></a> 
<p>Any breakout above $74,000 from the candlestick arrangement will thrust the coin into new territory. Some analysts speculate the coin might float to as high as $100,000 in 2024, especially after the network halves its miner rewards in April 2024.</p> 
<p>Despite the recent sell-off pushing prices to around $62,000, the overall market sentiment remains bullish. The CoinStats Fear and Greed Index, a gauge of investor sentiment, still <a class="editor-rtfLink" href="https://coinstats.app/fear-and-greed/" target="_blank" rel="noopener nofollow">reads</a>&nbsp;“Extreme Greed” at 80.</p> 
<img loading="lazy" decoding="async" class="size-full wp-image-290233" src="https://bitcoinist.com/wp-content/uploads/2024/03/Screenshot606.png?resize=1024%2C598" alt="Bitcoin sentiment data | Source: CoinStats" width="1024" height="598" srcset="https://bitcoinist.com/wp-content/uploads/2024/03/Screenshot606.png?resize=1024%2C598?w=1220 1220w, https://bitcoinist.com/wp-content/uploads/2024/03/Screenshot606.png?resize=1024%2C598?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/03/Screenshot606.png?resize=1024%2C598?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/03/Screenshot606.png?resize=1024%2C598?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/03/Screenshot606.png?resize=1024%2C598?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/03/Screenshot606.png?resize=1024%2C598?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<p>Additionally, interest is back after days of outflows from spot Bitcoin exchange-traded funds (ETFs). By March 27, Lookonchain data&nbsp;<a class="editor-rtfLink" href="https://twitter.com/lookonchain/status/1773020896329974069" target="_blank" rel="noopener nofollow">shows</a>&nbsp;that Fidelity added added 4,001 BTC. In total, and factoring in GBTC’s outflow, all spot Bitcoin ETF issuers added 3,469 BTC.</p>

Glassnode Data Shows Bitcoin at Crossroads: Time to Hold or Take Profit?

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