Analyst Warns: Bitcoin Nears Dangerous Territory – $40,000 On The Horizon?

Bitcoin is trading for $59,545, a slight increase of 0.5% in the past 24 hours. Although little, this surge in its price is quite noteworthy as it comes against the backdrop of Bitcoin’s price plunging as low as $57,812 earlier today. Regardless of this modest recovery, a recent analysis by a CryptoQuant author on the CryptoQuant QuickTake platform has revealed that Bitcoin might now be approaching a precarious position. Related Reading: Crypto Analyst Reveals What Could Drive The Bitcoin Price To $48,000 Bears At The Gates? Analyzing BTC’s Vulnerable Stance According to the CryptoQuant analyst Grizzly, Bitcoin’s Net Unrealized Profit/Loss (NUPL) metric—a tool used to gauge the market’s profit or loss status by comparing unrealized profit and loss—hovers near a pivotal threshold—0.4 level. Grizzly disclosed that this level historically acts as a vital juncture, either as support that boosts the market’s spirits or as a resistance that spells a downturn. Will the bears seize control of the market? “The NUPL metric is currently positioned near a critical level. Historically, the 0.4 level has served as a significant point of support and resistance.” – By @GrizzlyBTClover Read more

Aug 16, 2024 - 08:00

Analyst Warns: Bitcoin Nears Dangerous Territory – $40,000 On The Horizon?

Bitcoin is trading for $59,545, a slight increase of 0.5% in the past 24 hours. Although little, this surge in its price is quite noteworthy as it comes against the backdrop of Bitcoin’s price plunging as low as $57,812 earlier today.

Regardless of this modest recovery, a recent analysis by a CryptoQuant author on the CryptoQuant QuickTake platform has revealed that Bitcoin might now be approaching a precarious position.

Bears At The Gates? Analyzing BTC’s Vulnerable Stance

According to the CryptoQuant analyst Grizzly, Bitcoin’s Net Unrealized Profit/Loss (NUPL) metric—a tool used to gauge the market’s profit or loss status by comparing unrealized profit and loss—hovers near a pivotal threshold—0.4 level.

Grizzly disclosed that this level historically acts as a vital juncture, either as support that boosts the market’s spirits or as a resistance that spells a downturn.

Will the bears seize control of the market?
“The NUPL metric is currently positioned near a critical level. Historically, the 0.4 level has served as a significant point of support and resistance.” – By @GrizzlyBTClover
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