Bitcoin bull market FOMO no more as BTC price nears key $39K breakeven zone.
Despite the 120% increase in BTC price this year, Bitcoin (BTC) bull market “FOMO” has yet to appear.
Data from the statistics platform Look at Bitcoin shows that on-chain transactions are starting to involve “young” Bitcoins.
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Bitcoin remains near 18-month highs and above bear market trading limits and several key resistance levels.
While the number of small wallets has increased, there has not been a big return to the network from reviews – those that hold BTC for a short period of time.
In the year In a post on X (formerly Twitter) on November 16, Find to Bitcoin creator Philip Swift pointed to the proven HODL waves measurement, also known as RHODL waves, as evidence.
RHODL leverages the existing HODL Waves metric, which divides BTC into supply age categories and compares it to its value over the chain.
The result is a rise in coins, which frequently move through bull market phases, and the opposite in bear markets, where investors are afraid to sell or have red ink on their hands.
Swift commented on the current state of RHODL: “The warm colored low time wave only increases when the coins are transferred on the chain.”
“No FOMO yet. We are still early.”
Bitcoin's profitability is nearing its “breakeven point.”
Continuing an investigation into the “age bands” of Bitcoin's supply, Onchained, promoter of on-chain analytics platform CryptoQuant, emphasized that BTC exposure to all-time highs until 2021 remains underwater.
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He did this by using the Unrealized Profit/Loss (NUPL) indicator, which provides a ratio of profitability to a set of accumulated coins.
Coming soon, however, is a key line in the sand for bull market hunters.
Considering NUPL in different age bands provides insights into profitability dynamics. In particular, the drawn graph shows that all UTXO age bands are profitable, except for owners who currently hold bitcoins from 18 months to 3 years,” Onchained wrote in one of the CryptoQuant Quicktake market updates on November 16.
“This is consistent with their entry to $67,000 during Bitcoin's price rally. Their NUPL approaches the 0 profitability indicator, suggesting a breakout point if Bitcoin continues its rally above $39,000.”
According to CryptoQuant data, the total share of unreleased trading tokens, or UTXO, currently in bankruptcy is only 11.6 percent.
Cointelegraph reports that whale parties are increasing BTC sales at current rates.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
