CryptoQuant: Bitcoin Bottom May Be Near as Selling Pressure Eases

IconCryptoNewsTerminal Staff18 Jul, 2024

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CryptoQuant: Bitcoin Bottom May Be Near as Selling Pressure Eases

Bitcoin's selling pressure has eased, according to a report from CryptoQuant, suggesting that a bottom may have been reached. The report found that traders' unrealized losses currently stand at -5.7%, up from last week's low of -17%. This is the largest negative since the collapse of the FTX exchange in November 2022. Typically, when traders' profit margins reach extreme negative levels, it can be a signal that prices have bottomed out, and indeed, this week, Bitcoin has shown signs of recovery, bouncing back to $ 66,000. The report's findings are in line with other recent analysis that suggests that Bitcoin may be nearing a bottom. For example, a report from Glassnode found that the number of Bitcoin addresses holding at least 1 BTC has reached a new all-time high, indicating that long-term investors are accumulating Bitcoin. Overall, the evidence suggests that Bitcoin may be nearing a bottom and that a recovery could be on the horizon. However, it is important to note that the cryptocurrency market is volatile, and prices can change quickly. As such, investors should always do their own research before making any investment decisions.

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