Is Bitcoin Getting Ready to Leave the Current Bottom?

During intraday trade, Bitcoin increased by 6.6% over the previous seven days to reach $20,626, according to CoinMarketCap.

Bitcoin is currently closing in on the lower bound of the achieved price, which is currently set at $21,111. The realized price is the actual acquisition price per coin. It would indicate remarkable strength if it broke above it.

There is still wealth redistribution.

The transfer of coin wealth typically occurs during the Bottom Discovery phase as a result of declining investment profitability forcing weak hands to capitulate under intense financial pressure.

The existing bear market may still necessitate more consolidation and duration, according to Glassnode, who used the UTXO Realized Price Distribution (URPD) indicator. This is due to fewer coins going to the government than during the 2018–2019 bottom discovery phase, when 22.7% of the available quantity was divided up.

The market insight provider noted:

“Performing the same analysis in 2022, we can see that around 14.0% of supply has been redistributed since the price fell below the Realized Price in July, with a total of 20.1% of supply now having been acquired in this price range.”

Although Bitcoin is about to leave below bottom, the bear-to-bull shift has not fully developed because there hasn't been a strong surge in growing demands.

Blockchain.News said that cryptocurrency trading company Cumberland recently pointed out that Bitcoin volume maintained extremely high given that BTC derivatives worth about $50 billion were being cleared on cryptocurrency exchanges every day.

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