After a short rise above 99,000 dollars on Friday, the Bitcoin market witnessed a negative end for the last trading week, as prices fell to less than 96,000 dollars at sharp descent. Based on these events, the coded currency remains the first in the field of unification with a little reference to the long -term price movement. It is worth noting that the Blockchain analytics company has participated in developing a new network that alludes to a potential prices.
Bitcoin at a crossroads: The main miter group can decide the next step
in X post On Friday, Glassnode states that Bitcoin’s ASOPR is 1.01, a decisive measure that places encryption assets on the sensitive market site. In general, the ASOPR is a scale on the chain that measures the profitability of bitcoin transactions by comparing the price of selling coins at the acquisition price.
When Asopr is higher than 1, it indicates that the average bitcoin holder sells with profit. On the contrary, the value below indicates that BTC is sold in a loss. Therefore, Asopr Bitcoin notes at 1.01 that market participants hardly make profits in their transactions.
According to Glassnode, the BTC market is historically a draw point where the movement of additions in either directions can significantly affect the price path. In 2021, the ASOPT reset from Bitcoin preceded about 1.01 strong bull rounds that eventually led to the new time at the time of $ 64,800. A similar reset was also seen in late 2023, which led to the increase in prices to about $ 69,000.
In these past events, if Bitcoin’s Asopr is more than 1.01, then this will indicate the absorption of the buyer, indicating that there is a renewed market confidence in expecting a possibility to collect possibilities. On the other hand, if the ASOPR continues to drop a break below 1.0, this development means that sellers are unloading BTC with a loss that can indicate more downward pressure.
BTC Price Outlook
At the time of writing this report, Bitcoin is trading $ 96,300 after a large loss of 1.98 % last day. Meanwhile, the daily trading volume has gained 51.28 %, indicating an increase in the interest of the market. This increased interest in the market may be a decrease in prices an indication of the sale of panic by the investors concerned or the strong accumulation by the bulls in the market.
Based on the BTCUSDT DAILY chart, a break and capacity of $ 99,000 can lead to an end to the current standard of monotheism, which leads to the direction of sustainable prices. However, the price of less than $ 95,000 can decrease the way for all the downward possibilities with some analysts hinting to a possible return to $ 76,000.
Distinctive image from Istock, TradingView graph
