Cryptocurrency data provider Glassnode is currently watching the momentum of the Bitcoin market as its capitalization loses this week.

BTC is trading at $ 59.510 at press time and is down about 8% in the past 7 days. Bitcoin hit an all-time high of $ 69,044 last week.

Source: TradingView

Glassnode keeps track of Bitcoin’s “real world cap”, which is the total value of BTC on offer at the last shift in the chain. When the coin moves profitably it increases its real capitalization and when it loses its capitalization decreases.

According to the company, Bitcoin’s real capitalization has just hit an all-time high of $ 450 billion.

Bitcoin (Gold) Real Adjusted Real Cap | The source: Glass knot

According to Glassnode, Bitcoin’s real-cap comparison shows that market spending is now lower than it used to be.

“Previous market highs (particularly 2017 and 2021) occurred when total real spending exceeded 0.3% of market cap and 1% of real market capitalization (usually much higher). In the current market, spending is less than 50% of these thresholds.

This is further evidence that healthy growing market demand will be able to absorb significantly more coin distributions. “

Raffle not?

The two leading digital assets by market cap are currently floating at crucial levels following a correction that resulted in a nearly $ 400 billion loss in the market, an analyst said.

In the latest TechnicalRoundUp newsletter, analyst Cred said that if Bitcoin drops below $ 55,800 and the week ends there, it will turn bearish.

“This weekly peak is the line that determines the price trend. If the breakout fails, the more likely BTC will close below $ 55,800 for the week and the trend will turn bearish. “

The source: Technical RoundUp

Cred said BTC bulls can be confident after convincingly reclaiming the $ 60,000 level or attempting a “win-or-lose” trade at $ 50,000.

At the same time, the analyst also noted that ETH has just broken out of the daily upward trend line and is in danger of losing strength in higher periods of time. According to him, a break below the $ 4,000 mark (especially $ 3,952) will cause him to go bearish in the medium term.

“Similar to Bitcoin, the weekly peak is a crucial point. $ 4,000 is support and will remain intact until proven otherwise. If it doesn’t hold up, we will turn bearish in the short and medium term.

Daily trends need serious changes. This represents the first significantly lower low on the daily chart since the bottom formed in September. ETH’s seamless race seems to have been interrupted. In other words, the market is still above the weekly support at $ 4,000 (good), but the daily trend has just collapsed (not good).

The source: Technical RoundUp

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