Crypto Investor's Dream: Bitcoin Restarting 2023 Uptrend After 26% Uptober BTC Price Gains.
Bitcoin restarting 2023 uptrend after 26% Uptober BTC price gains — Research

As October gains approach 30%, the crypto currency latest analytics firm Glassnode said that Bitcoin (BTC) will end 2023 as it began.

In the newest edition of its weekly newsletter, “The Week On-Chain,” released Oct. 24, researchers argued that the past week “sets the foundation” for a coti crypto latest price uptrend.

Real-time crypto investors have been keeping an eye out for the latest crypto now live news, and this update from Glassnode will certainly be welcome news in the midst of the crypto crisis latest.

Crypto now twitter users have been tracking the crypto price today, and this news from Glassnode will provide some much-needed optimism for the future of the celsius crypto latest market.

BTC price “convincingly” beats out resistance levels

As it hit $35,200 this week, Bitcoin surpassed various key trendlines, which had previously acted as support for months. These included various moving averages (MA), among them the 200-week simple MA at $28,400 — the classic “bear market” support line.

According to Glassnode, a cluster of long-term simple moving averages of crypto currency price were located around $28k, and have provided market resistance through September and October.

The cost basis of speculators and crypto currency newcomers also lies near $28,000. The Week On-Chain reported that the Short-Term Holder (STH) cost basis is also now in the rear view mirror at $28k, putting the average recent investor into an average profit of +20%.

Researchers uploaded a chart of the short-term holder market-value-to-realized-value (STH-MVRV) ratio, which tracks the profitability of STH coins. They noted that even prior to the October upside, no major capitulatory behavior was visible.

The data showed that in 2021-22, STH-MVRV reached relatively deep corrections of -20% or more.

Bitcoin “sets the foundation” for green year

As Cointelegraph reported, the presence of STH entities versus their experienced counterparts, the long-term holders (LTHs), is now historically low. Despite facing profitability issues of their own, LTHs now own more than three-quarters of the available BTC supply for the first time, with a cost basis lower, further toward $20,000. While some crypto investors believe that Bitcoin could still return to that area, Glassnode is optimistic over how the year will end.

“A meaningful proportion of supply and crypto investors now find themselves above the average break-even price, located around $28k,” it concluded.

Per data from on-chain monitoring resource CoinGlass, BTC/USD is currently up 26% this month — by October standards, still relatively modest.

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