Key bitcoin indicators on crypto markets mood suggest that bitcoin remains in bull run, and it’s ready to grow
Recent decline was caused rather by coronavirus than change in investors‘ mood.
According to Glassnode, number of bitcoin addresses with unrealized gains appears on similar levels to the start of three major rallies. Unrealized profits are calculated by taking the difference between the current Bitcoin price at the price when a concrete Bitcoin address, that is an investor, last moved. It’s a signal of how many Bitcoin traders remain on same levels to be ready to invest.
Bitcoin partly recovered from sales, which happened right after new coronavirus epidemic outbreak in China and its later spread to other countries. While bitcoin value reached more than $10,300 in mid-February, it later dropped in almost 2,000. The current exchange rate approaches $8,800. Further progress will primarily depend of the fact whether the epidemic remains in Europe and what its effects on global economy will be.
