BTC was leaning towards hitting $21,000. With its price at $20,959, it would have been expected that traders could take advantage of the uptick and grab some profit. However, that wasn't the case. Thus, was it possible that investors were ready for a rally or was the bottom already in?
of the incident. According to him, the lack of exchange deposits indicated that retail investors were less interested in accumulating BTC.At the same time, BTC was currently experiencing low volatility. Hence, it was less certain that the price will spike to incredibly high levels. In addition, the low volatility meant that BTC might continue its consolidation.
Considering the happenings, Hančar pointed out the possibility that the bottom could be in. However, Bitcoin’s Market Value to Realized Value z-score that the coin was still massively undervalued. With its value at 20,200, BTC was much below a “fair value”.that the seven-day circulation was 2.1 million at press time. Prior to the time of this writing, circulation was as low as 114,000.
Due to this rise, it implied that investors have utilized BTC greatly in the last few days. Similarly, the active addresses did not take a downturn. Neither did the number increase significantly. However, it maintained the 4.55 million position. The implication of this was that traders and investors were participating in a moderate number of transactions. In the event that it goes higher, Bitcoin most likely follows the increase.
The on-chain information portal showed that the realized profit was down to $98.08 million after being as high as $428.77 million on the aforementioned date. Hence, investors might need to continue activating theRead the best crypto stories of the day in less than 5 minutes