{"id":560510,"date":"2023-03-07T12:51:59","date_gmt":"2023-03-07T09:51:59","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/btc-may-need-to-dip-to-19-3k-to-cool-bitcoin-profit-taking-new-data\/"},"modified":"2023-03-07T12:51:59","modified_gmt":"2023-03-07T09:51:59","slug":"btc-may-need-to-dip-to-19-3k-to-cool-bitcoin-profit-taking-new-data","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/btc-may-need-to-dip-to-19-3k-to-cool-bitcoin-profit-taking-new-data\/","title":{"rendered":"# BTC may need to dip to $19.3K to cool Bitcoin profit-taking \u2014 new data"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a402942914bc\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a402942914bc\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/btc-may-need-to-dip-to-19-3k-to-cool-bitcoin-profit-taking-new-data\/#%E2%80%9D_BTC_may_need_to_dip_to_193K_to_cool_Bitcoin_profit-taking_%E2%80%94_new_data_%E2%80%9C\" >&#8221; BTC may need to dip to $19.3K to cool Bitcoin profit-taking \u2014 new data &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/btc-may-need-to-dip-to-19-3k-to-cool-bitcoin-profit-taking-new-data\/#Profit-taking_reinforces_resistance_levels\" >Profit-taking reinforces resistance levels<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/btc-may-need-to-dip-to-19-3k-to-cool-bitcoin-profit-taking-new-data\/#Bitcoin_in_%E2%80%9Ctransitional_phase%E2%80%9D\" >Bitcoin in &#8220;transitional phase&#8221;<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_BTC_may_need_to_dip_to_193K_to_cool_Bitcoin_profit-taking_%E2%80%94_new_data_%E2%80%9C\"><\/span>&#8221; BTC may need to dip to $19.3K to cool Bitcoin profit-taking \u2014 new data &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-48054ca8>Bitcoin (BTC) would need to return below $20,000 to reset a key metric which covers speculative profit-taking, data shows.<\/p>\n<p>In the latest edition of its weekly <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter, \u201c<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-10-2023\/\">The Week On-Chain<\/a>,\u201d analytics firm Glassnode revealed that short-term holders (STHs) may be dictating BTC price resistance.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Profit-taking_reinforces_resistance_levels\"><\/span>Profit-taking reinforces resistance levels<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As BTC\/USD climbed towards $25,000, STHs \u2014 those holding coins for 155 days or less \u2014 began to see substantial returns on their investments.<\/p>\n<p>This was captured by the market value to realized value (MVRV) metric, which compares the Bitcoin market cap to the value of coins moved on-chain.<\/p>\n<p>\u201cBy comparing these two metrics, MVRV can be used to get a sense of when price is above or below \u2018fair value,\u2019 and to assess market profitability,\u201d Glassnode explains in an accompanying <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/academy.glassnode.com\/market\/mvrv\/mvrv-ratio\">guide<\/a>.<\/p>\n<p>MVRV passed 1.2 on the way to multi-month highs, coinciding with $23,800 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>earing as an area of BTC price resistance.<\/p>\n<p>As Glassnode writes, \u201cthe possibility of STHs taking profits tends to grow during periods where the average STH is 20%+ in money, returning a STH-MVRV above 1.2.\u201d<\/p>\n<p>\u201cThe recent rejection at the $23.8k level resonates with this structure, as the STH-MVRV hit a value of 1.2 before stalling,\u201d it continued this week. <\/p>\n<blockquote><p>\u201cShould the market return to $19.3k, it would bring STH-MVRV back to the value of 1.0, and indicate that spot prices have returned to the cost basis of this cohort of new buyers.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/c3934dc1-26ee-45d2-b864-53525127c9ee.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin STH-MVRV estimation annotated chart (screenshot). Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>$19,300 would thus form something of a magnetic target in terms of profitability and incentive not to sell for STHs.<\/p>\n<p>As Cointelegraph reported, Glassnode is not alone in suggesting that $20,000 may not hold as support for BTC\/USD, and that a new local low could form beneath that line in the sand.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_in_%E2%80%9Ctransitional_phase%E2%80%9D\"><\/span>Bitcoin in &#8220;transitional phase&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Also in Glassnode\u2019s crosshairs, meanwhile, are long-term holder (LTH) cost basis and the activities of whales invested in Bitcoin since the end of its last bear market in late 2018.<\/p>\n<p><strong><em>Related:\u00a0BTC price \u2018in the chop zone\u2019 \u2014 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>The realized price of the so-called \u201cold\u201d supply \u2014 the price at which it last moved on aggregate \u2014 currently sits at $23,500, further reinforcing the area as a key battleground.<\/p>\n<p>To the downside, Bitcoin\u2019s combined realized price is at $19,800, again feeding into the idea that this zone could ultimately form support. <\/p>\n<p>\u201cThe Bitcoin economy often reacts not only to levels widely observed in traditional technical analysis but also the psychological cost basis levels of various investor cohorts printed on-chain. This takes place not only with respect to their realized price but also regarding the degree of profit and loss held within their supply,\u201d Glassnode concluded. <\/p>\n<blockquote><p>\u201cFrom this lens, the market currently resides in a transitional phase, bounded above by the Realized Price of Older Supply and also by the average Whale that has been active since the 2018 cycle bottom.\u201d<\/p><\/blockquote>\n<p>BTC\/USD traded at $22,400 at the time of writing on March 7, according to data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a>.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/a760804e-ad71-4e16-89b4-c9d99daa736e.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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In the latest edition of its weekly newsletter, \u201cThe Week On-Chain,\u201d analytics firm Glassnode revealed that short-term holders (STHs) may&#8230;<\/p>\n","protected":false},"author":1,"featured_media":560511,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/433c459a-12c3-4f9a-be66-2a61ade8829e.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-560510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/560510","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=560510"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/560510\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/560511"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=560510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=560510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=560510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}