Bitcoin

April

Rekt

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin traders’ profit margins have dropped to nearly zero, potentially easing selling pressure.</li>
 <li>Bitcoin’s realized price for short-term holders has acted as a support during bull markets, currently at approximately $60,000.</li>
</ul>
<p>Bitcoin (BTC) traders may experience some relief from the recent selling pressure as their profit margins have hit nearly zero.</p>
<p>This observation was made by Julio Moreno, head of research at on-chain analytics platform CryptoQuant, who suggested a potential shift in Bitcoin’s price downside.</p>
<h2 id="bitcoin-traders-at-breakeven-point">Bitcoin Traders at Breakeven Point</h2>
<p>The past week has seen a drop in Bitcoin’s price, causing a setback for crypto traders. However, a significant reset could be underway.</p>
<p>Data from CryptoQuant indicates that traders have returned to the breakeven point on exchange holdings at $60,000.</p>
<p>According to Moreno, “Bitcoin selling pressure from traders may be declining as unrealized profit margins are basically zero now.”</p>
<p>An included chart displayed the profit/loss for short-term holders (STHs) — entities owning Bitcoin for 155 days or less.</p>
<p>These speculators have essentially run out of profitable trades, suggesting that selling may now decrease to avoid realizing losses.</p>
<p>Moreno further noted that the traders’ realized price, currently at around $60,000, has served as a support for prices during a bull market.</p>
<h2 id="bitcoin-price-shows-tentative-bounce">Bitcoin Price Shows Tentative Bounce</h2>
<p>On April 18, Bitcoin saw a relief bounce, reaching $64,182 on Bitstamp.</p>
<p>Rekt Capital, a popular trader and analyst, noted on the day, “This is now an -18% deep pullback that has lasted 10 days thus far…this is very close to bargain-buying territory based on pullbacks in this cycle (up to -23% deep at most).”</p>
<p>However, he also mentioned that this is one of the shortest retracements in this cycle, which usually lasts 2-3 weeks and at most up to two months.</p>
<p>Another trader, Skew, suggested that more evidence of spot demand was needed for confidence in a full-fledged recovery.</p>

BTC Value Rebounds Using Support Trigger of 2023 Bull Run

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