On-chain analysis from Glassnode explains why Bitcoin price has struggled to overcome the $25,000 level. Fortunately, there’s also positive news for bulls.
. The negative impact of these factors is great for short sellers butbad for Bitcoin price. The best way for the Bitcoin price to withstand short-seller pressure is for new long liquidity and spot buyers to enter the market.
Analyzing exchange net flows is a good way to measure new liquidity and currently this metric reflects a 34% uptick since the start of 2023, but it lags behind the yearly daily average of $1.6 billion.Currently, the general consensus among analysts is that the ability to into the crypto market has been hindered by a crackdown on banks that support crypto-oriented businesses.While some Bitcoin investors were realizing profit, positive on-chain signals appear when looking at the Net Unrealized Profit / Loss metric . The NUPL metric shows the difference between unrealized Bitcoin profit and unrealized loss within the BTC supply.“Since mid-January, the weekly average of NUPL has shifted from a state of net unrealized loss to a positive condition.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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