Glassnode: It Will Take Some Time Before Bitcoin Price Recovers
According to analysts at analytical company Glassnode, while the Bitcoin price has bounced from the $20,000 level, long-term indicators suggest that additional time may be needed to form a solid base.
It is worth noting that the company’s experts have substantiated their opinion with the status of the URPD indicator, which demonstrates the structure of price levels realized in the context of UTXO.
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The mark of $20,000 has concentrated the greatest attractiveness of speculators as a result of the transfer of coins from hodlers delivered to «new» optimistic buyers.
A significant portion of long-term investors have continued to hold Bitcoins purchased at higher prices, indicating their low sensitivity to changes in market conditions.
According to the company analysts, the $30,000 and $40,000 levels have also seen demand from speculators. In order to increase the chances of a market reversal, it is important to see these currencies move into the «held by long-term investors» category.