🔥🔥🔥 Hard To Be “Too Scared Of #Bitcoinprice Action,” Says Analyst. Here’s Why
Bitcoin Market Analysis: Relative Unrealized Loss
Decline in Relative Unrealized Loss
- November 2022 Bear Market: Relative Unrealized Loss peaked.
- Current Status: Metric close to zero, indicating negligible market losses relative to market cap.
Factors Contributing to the Decline
- Bitcoin Price Surge: Approaching a new all-time high (#ATH ), making the entire supply profitable and reducing Unrealized Loss to zero.
Current Market Insights
- Indicator’s Value: Remains low despite bearish price action, suggesting limited excessive buying at higher prices.
- Historical Context: Bull market tops typically see spikes in Unrealized Loss due to minimal price drops causing losses for late buyers. This pattern hasn’t emerged in the current cycle.
- Analyst Commentary: Checkmate noted, “It is hard for me to be too scared of Bitcoin price action when unrealized losses look like this,” indicating cautious optimism.
Bitcoin Price Update
- Current Trading Price: $65,481, continuing a #BEARISH📉 trend.
Source - newsbtc.com
