After a brief promotion above $ 99,000 on Friday, the Bitcoin market experienced a negative end for the last negotiation week as prices blocked below $ 96,000 in an acute ascent. According to these events, the main cryptocurrency remains in consolidation with little indication of its long -term price movement. In particular, Blockchain Glassnode’s analysis firm has shared a recent network development that suggests a possible price rally.
Bitcoin at a crossroads: the key metric set could decide the following movement
In a X publication On Friday, Glassnode reports that Bitcoin ASOPR is in 1.01, a critical metric level that places the cryptographic asset in a delicate market position. In general, an adjusted worn -up production ratio (ASOPR) is a chain metric that measures the profitability of Bitcoin transactions when comparing the sale price of coins with its acquisition price.
When the ASOPR is above 1, it indicates that Bitcoin’s average holder is sold with profits. On the contrary, a value below one indicates that BTC is sold with a loss. Therefore, Bitcoin ASOPR in 1.01 suggests that market participants barely get profits in their transactions.
According to Glassnode, the BTC market is historically a equilibrium point where a higher ASOPR movement in any direction could significantly affect prices trajectory. In 2021, Bitcoin’s ASOPR restart to around 1.01 preceded a strong Toro race that finally resulted in the new time of $ 64,800. A similar restart was also observed at the end of 2023, which resulted in an increase in prices to around $ 69,000.
Going through these past events, if the Bitcoin ASOPR remains above 1.01, it would suggest that the buyer’s absorption indicates a renewed market confidence in anticipation of an incoming price. On the other hand, if the ASOPR decrease continues a break below 1.0, this development would mean that sellers are downloading BTC in a loss that can indicate a more descending pressure.
BTC price perspective
At the time of writing this article, Bitcoin quote $ 96,300 after a significant loss of 1.98% on the last day. Meanwhile, its daily negotiation volume has won by 51.28%, indicating greater market interest. This increase in market interest in the midst of price decrease could be indicative of a panic sale by worried investors or a strong accumulation by market bulls.
Based on the daily table of BTCUSDT, the rupture and maintenance of more than $ 99,000 could mark the end of the current consolidation phase that leads to a sustained price trend. However, a price falls below $ 95,000 could pave the way for all bassist possibilities, with certain analysts suggesting a potential yield at $ 76,000.
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