Glassnode Report: Bitcoin Establishes Solid Base Below $30,000

  • Blockchain data company Glassnode reports that Bitcoin’s supply distribution has formed a solid base below $30,000.
  • The majority of Bitcoin holders in profit are long-term investors who either hold onto their coins or take profits as prices rise.
  • Once a 75 to 25 profit-to-loss ratio is achieved, a significant “digestion” process occurs, leading to an accumulation period.

Bitcoin’s Solid Base Below $30,000

According to Glassnode, a company specializing in on-chain data, Bitcoin’s supply distribution has created a robust foundation beneath the $30,000 mark. The firm’s recent report indicates that the current profit-to-loss ratio is 75 to 25, meaning only a quarter of all coins were purchased above $30,000.

Long-Term Investors Dominate Profitable Holdings

Glassnode’s report further elaborates that the group in profit is predominantly composed of long-term investors. These individuals either hold onto their coins, a strategy known as “hodling,” or they take profits as the price of Bitcoin increases. The report suggests that a significant number of coins have changed hands in the past year, with a large cluster of purchases made between $15,000 and $30,000. However, only 25% of the supply was bought at prices above $30,000, with these purchases made during the 2021/2022 cycle.

Accumulation Period Follows Profit-to-Loss Ratio

The blockchain data firm also notes that once a 75 to 25 profit-to-loss ratio is reached, a substantial “digestion” process takes place, leading to an accumulation period. These accumulation periods are typically characterized by a lack of significant macro market movements and several months of volatile trading. As the market seeks this balance point, it remains to be seen whether a long and volatile process will ensue.

Glassnode had previously noted in one of its reports that Bitcoin is currently exhibiting movements similar to those seen before previous bull seasons.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin Price Surge Predicted: Analyst Sees BTC Hitting $650,000 Fueled by ETFs

Get the latest insights on Bitcoin's potential trajectory – could the dominant cryptocurrency surpass gold's market cap and reach new heights?

Bitcoin Halving to Spark Supply Shock, Says Samson Mow – Omega Time Ahead?

Influential Bitcoin advocate Samson Mow offers a bullish outlook on Bitcoin's future, citing the upcoming halving and growing ETF inflows as key drivers. Here's why he believes the current market turbulence could lead to a surge in BTC price.

Bitcoin Price Plunge Continues: Analysts Predict Further Drops to $59K

Bitcoin's rollercoaster ride continues, with experts weighing in on where the bottom might lie. Get the latest price analysis, predictions, and insights into what these movements could mean for your crypto portfolio.

Bitcoin and Altcoins Face Correction Risk as Rate Cut Expectations Decline

Discover why Bitcoin and other cryptocurrencies may be on shaky ground, as economic indicators point to a potential market correction. Get expert insights on shifting market dynamics and what it could mean for crypto investors.

Bitcoin Price Outlook Dims as Crypto Stocks Slump, Peter Schiff Raises Doubts

Get the latest insights on the bearish trend in crypto markets, Peter Schiff's skepticism, and the impact on Bitcoin's price potential.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Will WLD See $11 Again? Current WLD Analysis

WLD coin's daily technical analysis provides direction for long-term traders by indicating support and resistance levels.

Where Will NEO’s Rally Continue? Updated NEO Analysis 15 April

NEO gained strength from the support levels determined in the previous analysis and rose to its current price of $22.66, targeting $25.

Is DYDX Ready to Start a New Rally? Latest DYDX Analysis 15 April

Following its recent fall, DYDX rebounded strongly to $2.28, and it is indicated that if it can sustain 3-day candle closes above this resistance level, the upward trend may continue.

Is Solana in a Long-Term Buy Zone? Current SOL Analysis 15 April

Following its recent decline to $118, Solana surged back to $145 with robust purchases; for long-term investors, the $132.40 to $121.36 range is seen as potential buying areas.

Will ARB Start Its Ascent? Latest ARB Analysis 15 April!

According to the analysis of ARB coin, staying above $0.98 could set it on a path to reach $1.90.
Marisol Navaro
Marisol Navarohttps://en.coinotag.com/
Marisol Navaro is a young 21-year-old writer who is passionate about following in Satoshi's footsteps in the cryptocurrency industry. With a drive to learn and understand the latest trends and developments, Marisol provides fresh insights and perspectives on the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

Bitcoin Price Surge Predicted: Analyst Sees BTC Hitting $650,000 Fueled by ETFs

Get the latest insights on Bitcoin's potential trajectory – could the dominant cryptocurrency surpass gold's market cap and reach new heights?

Bitcoin Halving to Spark Supply Shock, Says Samson Mow – Omega Time Ahead?

Influential Bitcoin advocate Samson Mow offers a bullish outlook on Bitcoin's future, citing the upcoming halving and growing ETF inflows as key drivers. Here's why he believes the current market turbulence could lead to a surge in BTC price.

Bitcoin Price Plunge Continues: Analysts Predict Further Drops to $59K

Bitcoin's rollercoaster ride continues, with experts weighing in on where the bottom might lie. Get the latest price analysis, predictions, and insights into what these movements could mean for your crypto portfolio.