Blockchain intelligence firm Glassnode said an important Bitcoin indicator shows the cryptocurrency market is still in the early days of a long-term bull run.
According to Glassnode, the number of unrealized profits is at the same level as the start of the three major rallies.
Unrealized profits are calculated by taking the difference between the current price of Bitcoin and the price at the time when BTC in a given address was last moved. It is an indication of how many traders are determined to keep their investments.
#Bitcoin Unrealized Profit is still at a healthy level, showing no signs that the market has topped.
– glassnode (@glassnode) March 2, 2020
Meanwhile, Bitcoin's hash rate is reaching the new ATH level.
Hash rate is an indicator of the amount of computing power dedicated to processing Bitcoin transactions. The higher the ratio, the stronger and more secure the network.
High rates indicate that mining companies that provide energy to BTC are feeling optimistic about the ability to profit by providing energy to the network.
– Binance Research (@BinanceResearch) March 2, 2020
Bitcoin is currently trading at $ 8,774 with a 1% increase at the time of writing.
Despite the relief rally, The Cryptomist analyst said that Bitcoin bulls were not yet out of danger.
In the short term, she expects BTC to surpass the $ 9,000 mark before turning again to the downside.
According to the analyst, the bulls now need to prove that they can successfully break out of the $ 9,150 resistance level.
Ground found from the region which was mentioned in previous btc post few days ago 😊
For me right now, there is no reason to enlight this is not a lower high atm.
– The Cryptomist (@TheCryptomist) March 2, 2020
"For me right now, there's no reason to think this is not a lower peak. I am heading to the $ 9,150 area before dropping the potential to new lows. "
You can see the price of Bitcoin here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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