{"id":15342,"date":"2024-07-18T19:57:59","date_gmt":"2024-07-18T16:57:59","guid":{"rendered":"https:\/\/forklog.com\/en\/cryptoquant-bitcoin-hits-local-bottom-amid-positive-indicators\/"},"modified":"2024-07-18T19:57:59","modified_gmt":"2024-07-18T16:57:59","slug":"cryptoquant-bitcoin-hits-local-bottom-amid-positive-indicators","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/cryptoquant-bitcoin-hits-local-bottom-amid-positive-indicators\/","title":{"rendered":"CryptoQuant: Bitcoin Hits Local Bottom Amid Positive Indicators"},"content":{"rendered":"<p>The price of the leading cryptocurrency has seemingly reached a local bottom before rebounding to nearly $66,000 earlier this week, reports <a href=\"https:\/\/www.theblock.co\/post\/306102\/bitcoin-reaches-local-price-bottom-amid-indicators-of-upcoming-positive-price-momentum-cryptoquant\">The Block<\/a>, citing a report from CryptoQuant.<\/p>\n<p>According to analysts, the recent drop in Bitcoin&#8217;s price to around $55,000 resulted in the largest realized losses for asset holders in 2024.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cHodlers of digital gold recorded losses of $2.5 billion over two days last week, while profit-taking remained minimal compared to March. Large realized losses are typically a sign of seller capitulation and are associated with reaching price lows,\u201d the experts noted.<\/cite><\/p><\/blockquote>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/bitcoin-price-bottoming.webp\" alt=\"bitcoin-price-bottoming\" class=\"wp-image-237297\"\/><figcaption class=\"wp-element-caption\">Realized profits and losses for Bitcoin. Data: CryptoQuant.<\/figcaption><\/figure>\n<p>They added that last week, traders&#8217; unrealized margin fell to -17%. This is the lowest level since the FTX collapse in November 2022.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cPrices typically bottom out when traders&#8217; profits fall to extremely negative levels,\u201d the analysts emphasized.<\/cite><\/p><\/blockquote>\n<h2 class=\"wp-block-heading\">Positive Forecasts<\/h2>\n<p>The report states that various Bitcoin metrics have recently bounced off key levels. This is also a sign that the local bottom is behind, and an upward price momentum lies ahead.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cThe Bitcoin profit and loss index crossed its 365-day moving average, and the bull\/bear market cycle indicator surpassed its 30-day counterpart. Metcalfe&#8217;s valuation bands have acted as support for the second time this year,\u201d noted CryptoQuant.<br \/><\/cite><\/p><\/blockquote>\n<h2 class=\"wp-block-heading\">A Note of Caution<\/h2>\n<p>The report also indicated that liquidity in the form of stablecoins remains insufficient to drive full-scale growth.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cStablecoin liquidity is a necessary condition for a sustainable Bitcoin rally,\u201d the experts stressed.<\/cite><\/p><\/blockquote>\n<p>In their view, the market capitalization of USDT is not increasing sufficiently. This \u201creduces the likelihood of a more significant price increase.\u201d<\/p>\n<p>At the time of writing, Bitcoin is trading around $63,730. Over the past seven days, the asset has risen by approximately 11%, according to <a href=\"https:\/\/www.coingecko.com\/\">CoinGecko<\/a>.<\/p>\n<p>Earlier, the Chief Investment Officer of Bitwise predicted that digital gold would rise to $100,000 by the end of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The price of the leading cryptocurrency has seemingly reached a local bottom before rebounding to nearly $66,000 earlier this week, reports The Block, citing a report from CryptoQuant. According to analysts, the recent drop in Bitcoin&#8217;s price to around $55,000 resulted in the largest realized losses for asset holders in 2024. \u201cHodlers of digital gold [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15341,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1205,1145],"class_list":["post-15342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-cryptoquant","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15342","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=15342"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15342\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/15341"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=15342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=15342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=15342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}