BTC Bulls Have Soared Profits, Are They Bearish or Bullish?

 2020-12-30 09:57:55

Analyst at Bexplus found that with the completion of the short-term technical rebound in BTC prices, the increase has reached a short-term high of above $28,000. Next, whether BTC will rebound or pull in a short-term sideways order, more investors will choose the former in the face of the trend.

 

From the perspective of trading profit, near the high of $28,000, the profit space of the cryptocurrency holders' is constantly expanding. In other words, the recent profit performance of BTC chasing traders is the largest since 2020. Judging from this, traders who are trading may think that FOMO sentiment has emerged, and the opportunity for buying and holding crypto coins to be profitable has begun to take shape.


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The SOPR indicator shows that the value reached 1.08 on December 28th according to Glassnode's data, indicating that traders' profit margins for short-term transaction transfers have reached a peak level. During the short-term rebound of BTC price on December 28th, the traders who sold out at high prices received the highest profit level during the year, which means that the impact of the rebound trend of BTC on traders has reached a high level.


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On the other hand, the BTC price rose below the resistance level of $28,000, and some high-yielding traders exited, reducing the pressure of price increases. BTC is already in a critical position after breaking through $20,000. Some investors who gained profit have quit, which has promoted the fermentation of the market. Next, the rebound of BTC may not be the unilateral rise that is currently seen, and it is more likely to move forward in volatility.


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