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Spot Bitcoin ETFs

Bitcoin Slips But These 3 Metrics Point To A Solid, Healthy Bull Market

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Though Bitcoin might be shaky, dumping in the London session on April 30, IntoTheBlock data now shows that the market is, after all, solid.

In a post on X, the blockchain analytics platform noted that Bitcoin is in a mid-bull cycle. Despite the price cool-off, potentially accelerated by whales exiting, most BTC holders still profit. 

86% Of BTC Holders Are In The Money

At press time, BTC is inching closer to the $60,000 round number, shrinking 16% from all-time highs. Bitcoin is moving inside a range after sharp gains in Q1 2024. Analysts have sought clear support in the $60,000 and $61,000 zones.

Related Reading: Hong Kong Makes History: Asia’s First Bitcoin And Ether ETFs Surge On Debut

Conversely, resistance is at the $68,000 level, a price point bulls failed to conquer after April 22.

Bitcoin price trending downward on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin price trending downward on the daily chart | Source: BTCUSDT on Binance, TradingView

Even at spot rates, IntoTheBlock observes that 86% of all BTC holders are in profit. Although the number is lower, it could suggest prices are in a consolidation phase following Q1 2024 gains.

Bitcoin had broken above 2021 highs by mid-March, rallying to fresh all-time highs of $73,800. At that price level, all users who had bought the coin, even at 2021 peaks, were in the money. 

As prices consolidate, confidence is high across the board. Some analysts expect the coin to explode as bulls resume the uptrend of February through to March. 

Bitcoin Market Is Balanced, Are Whales Entering Or Exiting?

So far, the Market Value to Realized Value (MVRV) ratio is 2.17, which supports this confidence. The MVRV compares Bitcoin’s market capitalization to the total realized value of all BTC in circulation. 

MVRV ratio | Source: IntoTheBlock data via X
MVRV ratio | Source: IntoTheBlock data via X

Analysts use it to gauge average profit margins at any price point. Usually, when the MVRV ratio is above 1, it suggests that BTC holders are underwater. Meanwhile, when it spikes above 1, as is the case, it signals that investors can choose to exit by taking a profit.

 Historical data shows that extreme sell-off happens when the MVRV stands above 3.7. At 2.17, the market is generally neutral, with holders optimistic.

Related Reading: Spot Bitcoin And Ethereum ETFs See Sluggish Start In Hong Kong

Nonetheless, as confidence rises, IntoTheBlock points out some potential roadblocks that might slow down the upswing or, if bullish, accelerate the rally. Over the past week, the platform observed that whales moving transactions of over $100,000 have generated more than $91 billion in trading volume.

This might mean that deep-pocketed investors, including institutions, might be entering–a net positive– or, worse for bulls, exiting the market, slowing down the uptrend. 

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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