Bitcoin (BTC) smashed past $61,500 levels on Saturday, March 13 hitting its new all-time high with massive buyers’ inrush. It’s been a phenomenal journey for Bitcoin (BTC) from under $4.5K exactly a year back during the Covid market crash.
As Bitcoin (BTC) enters price discovery with this latest surge, some indicators show that the price hasn’t yet peaked out and thus there’s scope for further expansion. Glassnode co-founder and CTO – Rafael Schultze-Kraft – that BTC’s net unrealized profit/loss remains stable despite the rising price, which is a healthy indicator.
He adds that this “Indicates that the market cap is not rising at an excessively faster rate than profit taking and new capital inflows”. Interestingly, even at this new Bitcoin all-time high, we haven’t yet reached the greed/euphoria zone.
A #Bitcoin price increase while NUPL remains stable is healthy.
Indicates that the market cap is not rising at an excessively faster rate than profit taking and new capital inflows.
Not the top, we haven’t even crossed .75 into the greed/euphoria zone.https://t.co/wXgCIkwbbt pic.twitter.com/EajtHKTeZx
— Rafael Schultze-Kraft (@n3ocortex) March 13, 2021
Another on-chain data from Santiment shows that the latest BTC price rally comes amidst its exchange supply continuously on the decline. On the other hand, the Bitcoin dormant tokens are on the move as the whales are booking profits while young retail investors are continuously buying.
#Bitcoin history has been made once again, as $60,000 was breached at 11:22am UTC! Several key factors are …
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