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Another important technical indicator of Bitcoin The network has fallen to the lowest level ever, as assets show few signs of immediate recovery.
According to Glassnode’s on-chain analysis, the Bitcoin Reserve Risk Index has dropped to a record low.
This indicator follows a market cycle that tracks the balance of risk and reward associated with long-term holder trust and beliefs.
At current levels, it’s not that low since the bear market in 2015, so even hardened holders’ confidence seems to be waning. Even between the 2018 bear market and the December surrender event, this indicator has not fallen to levels at this time.
This indicator was noted by the popular crypto analyst “Murad” posted on July 10th. Bottoming zone.. “
The Bitcoin market has not yet experienced a recession and could be declared later this month, following two-quarters of US negative GDP.
Other indicators, such as the long-term rate of return on used production (SOPR), have also fallen to levels that have not been seen in several years. This indicator measures the value obtained by dividing the realized value by the value at which the used output was created. In other words, the selling price divided by the purchasing price.
According to the chart, long-term holders are still selling even if there is a loss. Surrender is happening now..
Prices have been limited for the past three weeks or so, fluctuating between the high $ 18,000 zone and the low $ 22,000 zone, with realized prices, or total cost bases of supply.
Major surrender events can reduce prices to around $ 12,000. This is a drawdown of over 82% similar to that observed in the previous two bear markets.
This is a lot Negative macroeconomics US Consumer Price Index (CPI) or inflationFurther increase in interest rates by the Fed, or the start of a technological recession.
By the time the Asian trading session was underway on Monday morning, weekend profits had almost been wiped out.
At the time of writing, market capitalization fell to $ 935 billion after a 3% loss on the day. When BTC reached $ 21,850 on Saturday, market capitalization temporarily exceeded $ 1 trillion, but these profits could not be built up.
Bitcoin is currently trading at $ 20,574 after a loss of 3.3% per day. Ethereum At the time of the press, it was down 3.1% to $ 1,153.
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