The Bitcoin prices fell below $ 30,000 because a correction emerges

The Bitcoin prices fell below $ 30,000 because a correction emerges

Bitcoin has achieved the strongest quarterly returns since his all -time high in November 2021. In addition, BTC has increased by more than 80 % since the beginning of the year and is therefore the most powerful asset in 2023.

In comparison, gold only increased 9 % in the same period, and the technology -heavy Nasdaq 100 has achieved around 20 % since January 1. In addition, the S&P 500 has only increased 8.5 % since the beginning of the year.

On April 17, the on-chain analysis provider Glassnode confirmed Bitcoin's performance and explained:

"The strong market performance in 2023 is in blatant contrast to 2022 and indicates that a favorable change of regime is underway."

Bitcoin bulls again in the game?

Glassnode stated that the BTC and gold prices were recently correlated in the course of another US banking crisis. The company also examined the premise of a return to a complete bull market.

It has been reported that a large amount of BTC has recently returned to the profit zone. In 2023, a total of 6.2 million BTC returned to the profit zone, which corresponds to almost a third of the offer. This is "an indication of how large this cost basis is less than $ 30,000," she added.

is the #bitcoin Bear market over?

with a rally 100%of the lows,

This week we are investigating indicators that show whether the market is going through a robust bear market recovery ... or not. Data-Wpel-Link = "External"> pic.twitter.com/pkhjc7ef18

-Glasknot (@Glasknote) 17. April 2023

In addition, the metric of the not realized net profit/loss (Nupl) is currently neutral, which indicates that BTC does not oversold (since it was below $ 20,000) or overbought (as is over $ 50,000).

"This coincides with past cycles in which a transition between a bear and a bull market has taken place."

In addition, Bitcoin Hodler with coins that are older than three months seem to sell, despite the rally to $ 30,000.

Glassnode came to the conclusion that several on-chain indicators indicate that "bear market conditions, or at least the worst, could be behind us now".

cryptoma market cools from

The price does not move straight, i.e. bull market or not, there will be corrections. That day Bitcoin fell with a price slide of $ 1.8 % under $ 30,000 and was traded at $ 29,464 at the time of the writing of this article.

It still increased 9 % last month, but is faced with a retreat after it has come across severe resistance at $ 30,000. The support is currently around $ 28,000, so that this level could be achieved again in the coming week.

According to Coingecko, the entire market capitalization has dropped 1.2 % to $ 1.3 trillion.

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