{"id":14120,"date":"2023-11-18T20:40:49","date_gmt":"2023-11-18T20:40:49","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=14120"},"modified":"2023-11-18T20:40:50","modified_gmt":"2023-11-18T20:40:50","slug":"bitcoin-bull-market-fomo-absent-as-btc-price-nears-key-39k-profit-zone","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=14120","title":{"rendered":"Bitcoin bull market FOMO absent as BTC price nears key $39K profit zone"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) bull market \u201cFOMO\u201d has yet to appear despite BTC price being up 120% this year.<\/p>\n<p>Data from the statistics platform Look Into Bitcoin shows that on-chain transactions are only starting to involve \u201cyounger\u201d Bitcoin.<\/p>\n<h2>Bitcoin bull market analysis: \u201cWe\u2019re still early\u201d<\/h2>\n<p>Bitcoin remains near 18-month highs and well beyond its bear market trading range and several key resistance levels.<\/p>\n<p>While the number of smaller wallets is increasing, there has not been a major return to the network from speculators \u2014 those holding BTC for short periods of time.<\/p>\n<p>In an X (formerly Twitter) post on Nov. 16, Look Into Bitcoin creator Philip Swift flagged the realized cap HODL waves metric, also known as RHODL waves, as proof.<\/p>\n<p>RHODL splits the existing HODL waves metric, which divides BTC by age group of the supply and compares it to the price at which it last moved on-chain.<\/p>\n<p>The result is a spike in coins, which frequently move during bull market phases, and the opposite in bear markets, where investors are afraid to sell or are in the red on their holdings.<\/p>\n<p>\u201cWarmer colour low timeframe waves are only just starting to increase as coins are transferred on-chain,\u201d Swift commented on the current state of RHODL. <\/p>\n<p>\u201cNo FOMO yet. We\u2019re still early.\u201d<em>Bitcoin RHODL waves chart. Source: Look Into Bitcoin<\/em><\/p>\n<h2>Bitcoin profitability nears \u201cpotential breakeven point\u201d<\/h2>\n<p>Continuing the examination of Bitcoin supply \u201cage bands,\u201d Onchained, a contributor to on-chain analytics platform CryptoQuant, stressed that those who increased BTC exposure in the run-up to the 2021 all-time highs remain underwater.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin institutional inflows top $1B in 2023 amid BTC supply squeeze<\/em><\/strong><\/p>\n<p>He did so using the net unrealized profit\/loss (NUPL) indicator, which offers profitability ratios for cohorts of stored coins.<\/p>\n<p>Coming soon, however, is a key line in the sand for bull market hodlers.<\/p>\n<p>\u201cConsidering NUPL across different age bands provides insights into profitability dynamics. Notably, the depicted graph reveals all UTXO age bands currently in a profitable state, except for holders with bitcoins held for 18 months to 3 years,\u201d Onchained wrote in one of CryptoQuant\u2019s Quicktake market updates on Nov. 16. <\/p>\n<p>\u201cThis aligns with their entry during the Bitcoin price rally to $67,000. Their NUPL nearing the profitability benchmark of 0 suggests a potential break-even point if Bitcoin continues its rally beyond $39,000.\u201d<em>Bitcoin UTXOs in loss % chart. Source: CryptoQuant<\/em><\/p>\n<p>CryptoQuant data shows that the overall proportion of unspent transaction outputs, or UTXOs, currently at a loss is just 11.6%.<\/p>\n<p>As Cointelegraph reported, whale entities have been increasing BTC selling at current prices.<\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-bull-market-fomo-btc-price-39k-profit-zone\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) bull market \u201cFOMO\u201d has yet to appear despite BTC price being up 120% this year. Data from the statistics platform Look Into Bitcoin shows that on-chain transactions are only starting to involve \u201cyounger\u201d Bitcoin. Bitcoin bull market analysis: \u201cWe\u2019re still early\u201d Bitcoin remains near 18-month highs and well beyond its bear market trading [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14121,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-14120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14120"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14120\/revisions"}],"predecessor-version":[{"id":14122,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14120\/revisions\/14122"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/14121"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}