Bitcoin price action rebound benefited traders in the short term

In these latest weekly moves Bitcin has allowed traders to get back into the profit zone, much to the downside of this week's Bitcoin price drop, the rally to USD 68,000 benefited short-term traders and on-chain metrics remain bullish.

In information socialized by Nancy Lubale, “The Bitcoin price has experienced increasing demand-side pressure, leading to an increase of more than 23% in the past two weeks, reaching a 2-month high of USD 68,583 on July 22.”

On the other hand according to market intelligence firm Glassnode, “During this uptrend, BTC outperformed its cost basis for short-term holders, highlighting the ”strength of the prevailing uptrend.”

Now, “According to the on-chain data provider, this group of investors saw more than 90% of their ‘supply fall into losses’ after the drop to the lows of USD 53,500 on July 5, putting them in a stressful financial position.”

According to Crazzyblockk, who “explained that the MVRV ratio is an important metric in Bitcoin analysis, and its return above the cost basis of short-term holders is crucial to maintaining a bullish outlook and incentivizing new capital inflows into the market.”

Cointelegraph. Bitcoin traders back in profit even as price slows alongside spot BTC ETF inflows. Link

The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph