- Bitcoin rose nearly 40% in the first few weeks of 2023 before plunging into a bearish well.
- The global market capitalization also dropped and bitcoin dominance surged with a jump of 0.11%.
- Amid the rise of AI-based tokens like SingularityNET, Fetch.ai, The Graph token etc., Bitcoin holders continue to remain under huge profits.
Top Reasons Why Bitcoin Traders Continue to be in Profit Amid the Prevailing Bearish Trend!
Bitcoin (BTC) rose nearly 40% in the first few weeks of 2023 before plunging into a bearish well. With this, the global market capitalization also dropped finely and may hit the threshold of $1 trillion in the days to come. Meanwhile, bitcoin dominance surges with a jump of 0.11% in the past 24 hours, reaching 41.24%. The growing dominance reflects the market following the trend triggered by star crypto that appears to flip the bearish trend any moment from now.
Catalysts Pointing Out A Notable BTC Price Rally
Moreover, amid the rise of AI-based tokens like SingularityNET, Fetch.ai, The Graph token, etc., Bitcoin holders continue to remain under huge profits. Below mentions are the catalysts that point out a notable BTC price rally which is fast approaching:
- SOPR or Spent Output Profit Ratio: holds above 1.0 for the first time since April 2022 indicating that market has realized profits.
- Realized Profit/Loss Ratio: is in profit which means it realizes a greater proportion of USD-denominated profits than losses.
- 30-SMA Above 365 DMA: indicates an expansion of network at its highest level since 2021 and an early bull market as an uptick in daily users is recorded along with more transaction throughput.
- Price Above 200-day SMA & Realized Price: li When these levels are broken it indicates start of bull run.