Bitcoin rallied nearly 40% in the first few weeks of 2023 before plunging into a bear hole. With this, the global market capitalization also fell finely and may reach the $1 trillion threshold in the coming days.
Meanwhile, bitcoin dominance increases with a jump of 0.11% in the last 24 hours, reaching 41.24%. The growing dominance reflects the market following the trend triggered by the star crypto that appears to reverse the downtrend any time from now.
Also, amid the rise of AI-based tokens like SingularityNET, Fetch.ai, The Graph token, etc., Bitcoin holders continue to make huge profits. The mentions below are the catalysts that point to a noticeable BTC price rise that is fast approaching.
SOPR or Spent Production Earnings Ratio is holding above 1.0 for the first time since April 2022, indicating that the market has turned a profit. The realized profit/loss ratio is on profit, which means that the market takes a higher proportion of USD-denominated profits than losses. Sellers have sold out with unrealized losses. The 30-SMA has moved above the 365 DMA indicating network expansion which is at its highest level since 2021. This is also an indication of an early bull market as a pick up in daily users. is recorded along with increased transaction throughput. Bitcoin price is above the 200-day SMA and realized price that appeared previously in December 2021. When these levels are broken, it signals the start of an uptrend.
Collectively, the bear market is getting closer as bulls exhaust the strength of bears with frequent minor spikes. Once fully depleted, a significant surge can be triggered to reach targets beyond $50,000 early on.
This post Top Reasons Why Bitcoin Traders Continue To Profit Amid The Prevailing Downtrend!
was published first on https://coinpedia.org/bitcoin/top-reasons-why-bitcoin-traders-continue-to-be-in-profit-amid-the-prevailing-bearish-trend/
