BITCOIN ON-CHAIN CHARTS UPDATE
After trying to get past $43k yesterday, Bitcoin is yet again down and has lost the $40k support level. Currently trading at $38,942.26 at the time of writing, BTC is still thriving amid bears calling $69k was the double top.
This speculation going on in social media made the sentiment on investing in Bitcoin at an even lower Extreme Fear Index.
Also looking at a new chart below, as of the moment, there’s 67% of existing bitcoins currently in profit. Studying the charts below, market tops and massive selloffs usually happen when the percentage of bitcoins in profit goes above 95%.
There are only two ways to interpret these charts: we’re now entering a bear market or still mid-bull market.
In the case of a bear market, either you decide to liquidate at a loss and re-enter when we get a bottom confirmation or DCA. Bear or bull – I think one thing’s clear, we have to wait until Bitcoin decides where to go. Patience is indeed a virtue!
What are your thoughts on these charts? Comment down below.
For more charts relevant to market top readings, stay tuned. 😉
DISCLAIMER: THIS IS NOT FINANCIAL ADVICE.
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Elisa A.
Elisa is our Head of Market Analysis at Rocket Crypto X
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