According to Glassnode, the fact that Bitcoin broke $107,000 during its consolidation shows strong buying pressure.Over the past 14 days, Bitcoin has shown strength and stayed hovering in between a range between approximtaley $102,000 and $105,000. Furthermore, printing a 40% gain and hitting a new record weekly close of $106,500.
Increased Opportunities for Investors
STHs have seen great improvement, as more thna approximately 70% of their supply is now in profit. Comparing it to last months, its the second-largest increase ever for this group. The Bitcoin MVRV ratio indicator increased from 1.74 up to 2.33. This implies that unrealized gains rose from 74% to 133%.
Healthy Profit-Taking
With portfolios returning, a number of investors have secured profits. The past 30 days saw STHs earn $11.4 billion, compared to $1.2 billion in the previous month. When Bitcoin topped $93,000, daily realized profits reached $747 million, as the STH Realized Profit/Loss Ratio went above the value seen in 92% of previous trading days.
Market Absorption
The present Sell-Side Risk Ratio is far below its historical high, meaning buyers are still more active than sellers. Because the market is well balansed, Bitcoin’s Realized Cap has hit a new record of over $900 billion, rising by 4.2% in the past month.
Investments Purchase
According to Glassnode, Bitcoin is benefiting from better investor conditions thanks to significant inflows of capitals. With less selling pressure and high levels of investors profiting from their assets. With investors taking their profits, the market is managing to hold strong, indicating the bull market isn’t running out of steam.
