{"id":294032,"date":"2024-05-02T09:46:14","date_gmt":"2024-05-02T04:16:14","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=294032"},"modified":"2024-05-02T09:46:14","modified_gmt":"2024-05-02T04:16:14","slug":"are-bitcoins-7-months-of-euphoria-over-all-about-btcs-market-shift-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/are-bitcoins-7-months-of-euphoria-over-all-about-btcs-market-shift-crypto-news\/","title":{"rendered":"Are Bitcoin&#8217;s 7 months of &#8216;Euphoria&#8217; over? All about BTC&#8217;s market shift &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<ul>\n<li><em><span style=\"font-weight: 400\">Despite recent price troubles, the BTC market remained euphoric.<\/span><\/em><\/li>\n<li style=\"font-weight: 400\"><em><span style=\"font-weight: 400\">Readings from the coin\u2019s MVRV ratio and Realized Loss metrics suggested that a local bottom may soon be discovered.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" data-wpel-link=\"internal\">Bitcoin\u2019s [BTC]<\/a> Net Unrealized Profit &amp; Loss (NUPL) metric has shown that the coin\u2019s market remains within the euphoria phase with significant unrealized gains among investors, Glassnode found in a new <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-18-2024\/\" data-wpel-link=\"external\"><span style=\"font-weight: 400\">report<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The BTC market is said to be euphoric when there is widespread optimism and belief that the coin\u2019s price will continue to rise indefinitely. <\/span><\/p>\n<p><span style=\"font-weight: 400\">During this period, the market witnesses rapid price growth and increased trading activity fueled by the excitement.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to Glassnode, although this phase has cooled off since the market correction began, the value of the coin\u2019s NUPL above 0.5 showed that euphoric elements remained within the BTC market.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Santiment said,<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400\">\u201cBy this metric, the Euphoria phase (NUPL&gt;0.5) of this bull market has been in effect for (the) last seven months. Even the mightiest up-trends experience corrections, however, and these events offer valuable information about investor positioning and sentiment.\u201d<\/span><\/p>\n<\/blockquote>\n<h4><b>Is the local bottom in?<\/b><\/h4>\n<p><span style=\"font-weight: 400\">According to Glassnode, the recent correction in BTC\u2019s price has caused its short-term holders (STHs), particularly those who have held their coins for periods between one week and one month, to intensify distribution.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Their distribution activity during periods of market correction such as this becomes noteworthy as it can help identify potential buying opportunities (local lows).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Glassnode assessed the historical pattern of the MVRV ratio of coins held between one week and one month and found that during bull market corrections like this, the value of the ratio \u201cdrops into the 0.9-1 range.\u201d\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center\">Read\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" data-wpel-link=\"internal\">Bitcoin\u2019s [BTC] Price Prediction<\/a>\u00a02024-2025<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400\">This means that investors who have held their coins for periods between one week and one month would usually witness around 0% to 10% decline in their assets, causing them to sell.\u00a0<\/span><\/p>\n<div id=\"attachment_388740\" style=\"width: 2010px\" class=\"wp-caption alignnone\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/woc-18-08.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-388740\" class=\"size-full wp-image-388740\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/woc-18-08.png\" alt=\"BTC MVRV Ratio\" width=\"2000\" height=\"1152\" \/><\/a><\/p>\n<p id=\"caption-attachment-388740\" class=\"wp-caption-text\">Source: Glassnode<\/p>\n<\/div>\n<p><span style=\"font-weight: 400\">The on-chain data provider also considered the Realized Loss by one-week to one-month-old entities.<\/span><\/p>\n<p><span style=\"font-weight: 400\"> Historical precedents show that when this metric goes above 1, it suggests that STHs are panic selling at a loss.\u00a0<\/span><\/p>\n<div id=\"attachment_388742\" style=\"width: 2010px\" class=\"wp-caption alignnone\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/woc-18-09.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-388742\" class=\"size-full wp-image-388742\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"BTC Realized Loss\" width=\"2000\" height=\"1126\" data-lazy-srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/woc-18-09.png 2000w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/woc-18-09-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/woc-18-09-1024x577.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/woc-18-09-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/woc-18-09-1536x865.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/woc-18-09-1200x676.png 1200w\" data-lazy-sizes=\"(max-width: 2000px) 100vw, 2000px\" data-lazy-src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/woc-18-09.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-388742\" class=\"size-full wp-image-388742\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/woc-18-09.png\" alt=\"BTC Realized Loss\" width=\"2000\" height=\"1126\" \/><\/a><\/p>\n<p id=\"caption-attachment-388742\" class=\"wp-caption-text\">Source: Glassnode<\/p>\n<\/div>\n<p><span style=\"font-weight: 400\">Glassnode combined its readings from both metrics and concluded:<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400\">\u201cSince the price resides within the $60k to $66.7k range, the MVRV condition is met, and it could be argued that the market is hammering out a local bottom formation. That said, a sustained break below that MVRV level could create a cascade of panic and force a new equilibrium to be found and established.\u201d<\/span><\/p>\n<\/blockquote>\n<div class=\"post-nav\">\n<div class=\"next-blog\">\nNext: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/shiba-inu-coin-price-prediction-should-you-brace-for-another-20-drop\/\" data-wpel-link=\"internal\">Shiba Inu coin price prediction: Should you brace for another 20% drop?<\/a> <\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Despite recent price troubles, the BTC market remained euphoric. Readings from the coin\u2019s MVRV ratio and Realized Loss metrics suggested that a local bottom may soon be discovered. Bitcoin\u2019s [BTC] Net Unrealized Profit &amp; Loss (NUPL) metric has shown that the coin\u2019s market remains within the euphoria phase with significant unrealized gains among investors, Glassnode [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":294033,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-294032","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/294032","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=294032"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/294032\/revisions"}],"predecessor-version":[{"id":294035,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/294032\/revisions\/294035"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/294033"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=294032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=294032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=294032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}