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© Reuters. Recent data has shown the impact of the halving event on BTC returns
- Glassnode recently highlighted the continued growth in BTC cap achieved over the past few halving events
- In their post, Glassnode also shared that BTC returns have been diminishing with each historical halving cycle.
- At press time, BTC is trading at $26,841.28 after gaining 0.31%.
In a tweet yesterday, blockchain analytics firm Glassnode shared that Bitcoin (BTC) Realized Cap has consistently increased over the past few events. Furthermore, the publication mentioned that the current halving cycle boosted capital inflow by about $282.8 billion, +200% more than the previous cycle of $102.3 billion.
Despite the growth in BTC’s Realized Cap during the previous couple of halvings, Glass noted that each halving led to diminishing returns. According to them, the current cycle recorded a volume expansion of just 362%, which is a significant drop since the previous halving cycle with its returns of 1917%.
In related news, BTC price is at $26,841.28 at press time after seeing a price increase of 0.31% in the past 24 hours. Despite this daily gain, BTC’s weekly price performance remained in the red at -7.24%, according to CoinMarketCap.
4-hour chart (Source: TradingView)
The $27,000 resistance level continued to hold the leading cryptocurrency price as BTC price failed to turn around back to support in the past 24 hours. However, it managed to reach as high as $27,052 yesterday evening. Unfortunately, this achievement did not last long and the price of the cryptocurrency plummeted to nearly $26,853 a few hours later.
BTC still has a chance to break above $27,000 in the next 48 hours, as it traded above the 9 EMA line on the 4-hour chart at press time. Adding credence to this short-term bullish outlook is the fact that the 4-hour chart’s RSI line has been trading above the RSI SMA line as well.
Disclaimer: Opinions and opinions, as well as all information shared in this price analysis, are published in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.
Recent data showed the impact of downsizing events on BTC returns first in coin issuance.
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