Hard To Be “Too Scared Of Bitcoin Price Action,” Says Analyst. Here’s Why
Bitcoin's recent price action is not alarming, as the on-chain indicator for Unrealized Loss has been at low levels. This indicator tracks the total loss that addresses across the Bitcoin network are holding. The Relative Unrealized Loss, which divides the Unrealized Loss by the asset’s market cap, has been close to zero, indicating negligible losses relative to the market cap. The recent price surge towards a new all-time high has led to a decrease in Unrealized Loss. The indicator's value has remained extremely low, suggesting that buying at higher prices hasn't been excessive. The analyst Checkmate notes that it's difficult to be too concerned about Bitcoin's price action given the current state of unrealized losses. However, the analyst also cautions that the situation could deteriorate in the future. Despite this, Bitcoin's price has continued its recent bearish momentum, slipping to $64,500.
