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ROALLCRYPTO

08/20 13:29Bullish

Bitcoin (BTC) and Altcoins are Experiencing a Huge

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BTC/USDT
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Bitcoin (BTC) and Altcoins are Experiencing a Huge Rise! But Glassnode Is Still Not Convinced: It Warned Investors and Explained the Critical Levels! A strong rally began in the cryptocurrency market last night and continues today. Bitcoin has gained approximately 1.91% in the last 24 hours, surpassing the $72,000 level, and altcoins have followed suit. Ethereum, the largest altcoin, experienced a surge of approximately 20%, while other major altcoins like Solana and XRP also saw double-digit gains. According to Bloomberg, the rally is driven by increased liquidity expectations due to developments in the US Treasury market and crypto-friendly messages from Washington boosting investor risk appetite. According to Bloomberg, improved market sentiment, supported by expectations of crypto-friendly US policies and increased Treasury liquidity, has driven the digital asset market higher. Bloomberg reported that $BTC experienced a rapid rise as short positions were closed, recording its biggest daily gain since March. It Doesn’t Mean a Trend Change! While the question of whether the rise in Bitcoin and altcoins will continue is being monitored, a cautious assessment has come from the crypto analytics company Glassnode. In its latest analysis, Glassnode argued that the recent recovery in Bitcoin was more of a short-term uptrend than a trend reversal. According to Glassnode, Bitcoin’s recent recovery doesn’t yet indicate the start of a new uptrend. Glassnode points out that $BTC is currently below both the short-term investor cost base of approximately $68,500 and the realized market average price of $75,800, arguing that the market remains weak. On the other hand, relative unrealized losses have risen to 25% from the cycle peak, but this is well below the 60% or more seen in previous cycles. Furthermore, the 90-day realized profit/loss ratio is at 0.75, still not falling below the 0.5 lev
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