The Bitcoin (BTC) market has faced some resistance this week, according to a report by cryptocurrency analytics firm Glassnode. The market reverted from a weekly high of over $31,000 to a low of $27,000, signaling a potential correction in the market.
Despite this recent dip, Glassnode’s analysis shows that the opening to 2023 has been historically strong for Bitcoin, with remarkably few significant corrections. The largest correction seen so far has been -18.6%, a relatively small drawdown compared to past cycles.
Bitcoin Market Sees Transition From Loss To Profit
According to the report by Glassnode, the aggregate market for Bitcoin has confidently transitioned out of a period of unrealized loss and into one of unrealized profit. This is evidenced by the sharp divergence between supply held in profit versus supply held at a loss.
As this shift occurs, the incentive to take profits grows, also reflected in the ratio between supply in profit and supply at a loss. Glassnode’s analys
We współpracy z: https://www.newsbtc.com/news/bitcoin/bitcoin-upcycle-shows-small-drawdowns-report/
