Bitcoin

April

Bitcoin has posted the strongest quarterly returns since its November 2021 all-time high. Furthermore, BTC has gained more than 80% since the beginning of the year, making it the best-performing asset of 2023 so far.
Comparatively, gold has gained just 9% in the same period, and the tech-heavy NASDAQ 100 has managed around 20% since January 1. Additionally, the S&amp;P 500 has managed just an 8.5% gain since the beginning of the year.
On April 17, on-chain analytics provider Glassnode confirmed Bitcoin’s performance stating:
<blockquote>“The strong market performance in 2023 is a stark contrast to 2022, and suggests a favorable regime shift is underway.”</blockquote>
<h2 id="bitcoin-bulls-back-in-play">Bitcoin Bulls Back in Play?</h2>
Glassnode did state that BTC and gold prices have been correlated recently in the wake of another U.S. banking crisis. The firm also <a href="https://insights.glassnode.com/the-week-onchain-week-16-2023/" target="_blank" rel="noopener" data-wpel-link="external">investigated</a> the premise of a return to a full bull market.
It reported that a large amount of <a href="https://cryptopotato.com/bitcoin-price-analysis/" data-wpel-link="internal">BTC</a> has returned to profit recently. In 2023, a total of 6.2 million BTC have returned to profit representing almost a third of the supply. This gives an “indication of just how large this cost basis foundation is below $30k,” it added.
<blockquote class="twitter-tweet">
Is the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">#Bitcoin</a> bear market over?
With a rally 100% off the lows, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">$BTC</a> is trading above a very large cluster of supply, that formed the 2022 floor.
This week, we investigate indicators showing if the market making a robust bear market recovery&#8230;or not.<a href="https://t.co/eeQ1xeE07I" data-wpel-link="external" target="_blank">https://t.co/eeQ1xeE07I</a> <a href="https://t.co/PKHJc7EF18" data-wpel-link="external" target="_blank">pic.twitter.com/PKHJc7EF18</a>
— glassnode (@glassnode) <a href="https://twitter.com/glassnode/status/1647993330524127232?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">April 17, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Furthermore, the net unrealized profit/loss (NUPL) metric is currently neutral, suggesting that BTC is not oversold (as it was below $20k) or over-bought (as in over $50k).
<blockquote>“This is coincident with past cycles where a transition between a bear and bull markets have taken place.”</blockquote>
Additionally, Bitcoin hodlers with coins older than three months appear to be reluctant to sell, even with the rally to $30k.
Glassnode concluded that several on-chain indicators are suggesting that “bear market conditions, or at least the worst of it, may now be behind us.”
<h2 id="crypto-market-cools">Crypto Market Cools</h2>
Price doesn’t move in a straight line, so bull market or not, there will be corrections. Bitcoin has dropped below $30k in a 1.8% slide on the day to trade at $29,464 at the time of writing.
It has still gained 9% over the past month but is <a href="https://cryptopotato.com/bitcoin-sell-off-could-be-in-the-offing-4-crucial-dates-to-keep-an-eye-on/" data-wpel-link="internal">due a pullback</a> after hitting heavy resistance at the <a href="https://cryptopotato.com/bitcoin-price-smashes-through-30000-hitting-10-month-high/" data-wpel-link="internal">$30,000 level</a>. Support currently lies around $28,000, so this level may be revisited over the coming week.
Total market capitalization is down 1.2% to $1.3 trillion, according to CoinGecko.
The post <a href="https://cryptopotato.com/bitcoin-bears-in-disbelief-as-btc-becomes-best-performing-asset-of-2023/" rel="nofollow">Bitcoin Bears in Disbelief as BTC Becomes Best Performing Asset of 2023</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Bitcoin Bears in Disbelief as BTC Becomes Best Performing Asset of 2023

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