"Must all investors be bored because the price of BTC is flat?"
Cryptocurrency king Bitcoin (BTC) is holding its ground below $43,000 as demand remains positive, but the price may fall further as its latest decline destroys short-term holders' unrealized profit margin at 0%.
Despite this, on-chain analytics platform CryptoQuant strongly believes that a BTC price rally is imminent as unrealized profit margin falling to zero is a criterion for the digital asset to continue its climb.
On January 23, 2024, the valuation of BTC was seen to be low due to the negative Coinbase premium plus miners of the digital asset getting very low payouts resulting in increased selling pressure from miners.
However, the price of BTC bounced back to $43,000 on January 29 as buy orders dominated the futures market permanently after traders closed their short positions, CryptoQuant commented, adding that the halving event will see the crypto record a big return.
Demand for BTC will also remain positive not only due to the whales doing cumulative activity to increase their holdings to the level last seen in December 2022 but also the outflow from the Grayscale ETF has decreased.
Pleased to note that the total BTC holdings for the nine spot ETFs has grown to a new level of over 150,000 and stablecoin liquidity is also positive with Tether (USDT) market capitalization hitting a new high of $96 billion.
As of this writing, BTC price has plunged by 1.49% to $42,327 in the last 24 hours with a market cap of $830 billion but is still up 0.69% over the past week.
