Bitcoin’s Latest Price Movement
Bitcoin recently experienced a price dip below $60,000, sparking concerns about the future of its impressive bull run in 2024. However, Lead Glassnode analyst James Check reassures bullish investors.
Bitcoin’s Pullback: Dip Or Doom?
In a recent video analysis, Check delved into various on-chain metrics related to short-term Bitcoin holders. The short-term holder MVRV ratio is approaching 1.0, indicating a break-even point in unrealized profit and loss. This level can act as both support and resistance in different market conditions.
Similarly, the short-term holder SOPR has dipped below 1.0, signaling that short-term holders are realizing more losses than profits. A sustained dip in SOPR could indicate a looming bear market.
- Short-term holder cost basis expected to hold around $58,000 to $59,000 region
- New buyers panic selling amid geopolitical tensions
Bitcoin’s Long-Term Momentum
Despite short-term fluctuations, metrics like the AVIV momentum indicator suggest positive price momentum for Bitcoin on longer time frames. The indicator remains in positive territory, with a cooldown observed on the 30-day timeframe for a reset.
Check also downplays the financial impact of the Bitcoin halving, highlighting its minimal effect compared to other market volumes.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
