Bitcoin&#8216;s price continues on a negative trajectory following the release of high PCE data today, unable to breach the $26,600 mark. Altcoin investors are experiencing increased losses amidst this environment of uncertainty. A study of four critical data points can potentially shed light on the direction cryptocurrencies might take. Now, let&#8217;s discuss the short and medium-term expectations. 
<h2 style="text-align: justify;" id="cryptocurrency-commentary">Cryptocurrency Commentary</h2>
Checkmate, Glassnode&#8217;s head on-chain analyst, drew attention to a reckoning in his market evaluation on May 26th. BTC/USD, struggling near significant trend lines, increasingly worries long-term market participants this month. Short-term investors (STH) holding BTC for less than 155 days could see their profits wiped out. 
Checkmate argues that this is a necessary correction for the continuation of the 2023 bull rally. The STH-MVRV is currently at 1,022, and the value of 1.0 is roughly equivalent to $26,500. 
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In bull markets, this level should provide solid psychological support. We may trade below this level, but a swift recovery will be necessary to justify upward continuity.
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<img decoding="async" loading="lazy" class="aligncenter wp-image-81005 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/05/bitcoin-22.png" alt="" width="1912" height="1052" srcset="https://en.coin-turk.com/wp-content/uploads/2023/05/bitcoin-22.png 1912w, https://en.coin-turk.com/wp-content/uploads/2023/05/bitcoin-22-300x165.png 300w, https://en.coin-turk.com/wp-content/uploads/2023/05/bitcoin-22-768x423.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/05/bitcoin-22-1536x845.png 1536w, https://en.coin-turk.com/wp-content/uploads/2023/05/bitcoin-22-1200x660.png 1200w" sizes="(max-width: 1912px) 100vw, 1912px" />
While the price is currently below this region, according to the analyst, a quick surge should start from here. 
<h2 style="text-align: justify;" id="will-bitcoin-rise">Will Bitcoin Rise?</h2>
As defined by Glassnode, STH-SOPR is a &#8220;sold price versus paid price&#8221; metric that measures the profitability of spent outputs. This metric has already turned negative, and we see that short-term investors are beginning to feel the loss. 
<blockquote>
Losses for STH can ONLY be provided by local top buyers, and intuitively, we want to see top buyers selling local bottoms. This is what creates the FOMO bounce reaction.
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Momentum is retracting from its &#8220;green&#8221; phase, which has been ongoing since <a href="https://en.coin-turk.com/the-invisible-hands-on-bitcoin-and-ethereum-unde" target="_blank" rel="noopener" data-wpel-link="internal">Bitcoin</a>&#8216;s price recovery began in January 2023. 
<blockquote>
STH Profit/Loss momentum is a tool designed to detect rapid changes in market regime and trend. It is highly sensitive. If this thing starts to turn red, it will be an early signal that a deeper correction is in play. Consistently, it has indicated a trend reversal before the first break occurs.
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<img decoding="async" loading="lazy" class="aligncenter wp-image-81006 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/05/sth.png" alt="" width="1926" height="1062" srcset="https://en.coin-turk.com/wp-content/uploads/2023/05/sth.png 1926w, https://en.coin-turk.com/wp-content/uploads/2023/05/sth-300x165.png 300w, https://en.coin-turk.com/wp-content/uploads/2023/05/sth-768x423.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/05/sth-1536x847.png 1536w, https://en.coin-turk.com/wp-content/uploads/2023/05/sth-1200x662.png 1200w" sizes="(max-width: 1926px) 100vw, 1926px" />
Lastly, Checkmate draws attention to coin inactivity. He suggests that if the bulls truly want a surge, they must mobilize their assets. 
Historical data suggests that unless we encounter significant chaos, Bitcoin&#8217;s price, along with cryptocurrencies, can initiate an upward movement. The post <a href="https://en.coin-turk.com/bitcoin-struggles-amid-high-pce-data-a-comprehensive-analysis-for-investors/" data-wpel-link="internal">Bitcoin Struggles amid High PCE Data: A Comprehensive Analysis for Investors</a> first appeared on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.The post <a rel="nofollow" href="https://en.coin-turk.com/bitcoin-struggles-amid-high-pce-data-a-comprehensive-analysis-for-investors/" data-wpel-link="internal">Bitcoin Struggles amid High PCE Data: A Comprehensive Analysis for Investors</a> appeared first on <a rel="nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Bitcoin Struggles amid High PCE Data: A Comprehensive Analysis for Investors

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Ďalšie články zverejnené 26. 5. 2023

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