Yesterday, blockchain analytics firm Glassnode took to Twitter to share some noteworthy insights on Bitcoin’s (BTC) Realized Cap. According to their findings, this metric has shown consistent growth during past halving events. The current halving cycle has seen a staggering capital inflow of around $282.8 billion, marking a remarkable 200% increase from the previous cycle’s $102.3 billion. These figures testify to the continued growth and resilience of the world’s most popular cryptocurrency.
Glassnode has observed that despite the steady increase in BTC’s Realized Cap during the past halvings, the returns have diminished with each cycle. The current cycle has only yielded a 362% expansion in size, a significant drop from the previous halving cycle that recorded a remarkable 1,917% return. These findings suggest that the cryptocurrency market is evolving, and investors must be mindful of the changing dynamics to make informed decisions.
In the latest developments, the value of BTC currently stands at $26,841.28 as of press time, having witnessed a modest 0.31% surge in the past 24 hours. However, despite this daily uptick, the weekly price performance of BTC remained in the negative territory, registering a decline of -7.24%, as per the data provided by CoinMarketCap.
Despite BTC’s efforts, the $27K resistance level remained steadfast in the face of the leading crypto’s price over the past 24 hours. Although BTC reached a high of $27,052 yesterday evening, it could not convert the level into support. Regrettably, this achievement was short-lived, and the crypto’s price retraced to a close of $26,853 just a few hours later.
There is a glimmer of hope for BTC to surpass the $27K mark within the next 48 hours. Currently, it is trading above the 9 EMA line on the 4-hour chart, lending credibility to this optimistic short-term forecast. Furthermore, the RSI line on the 4-hour chart is also trading above the RSI SMA line, further bolstering this bullish outlook.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
