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. 
<blockquote>
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.
</blockquote>
<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.
</blockquote>
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.
</blockquote>
<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

Mục lục

COINTURK NEWS

Các bài viết khác được xuất bản trên 26 thg 5, 2023

Brazil’s Central Bank Picks 14 Participants for CBDC Pilot

BTC Whales are investing heavily into TOADS to diversify their wealth

Paradigm Broaden its Crypto-only Investment Strategy to include AI

WEF’s Regulatory Recommendations for the Crypto Asset Landscape

What Is JulWallet?

DCG Closes Institutional Trading Platform TradeBlock

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!