Top Reasons Why Bitcoin Traders Continue to be in Profit Amid the Prevailing Bearish Trend!

Bitcoin rose nearly 40% in the first few weeks of 2023 before plunging into a bearish well. With this, the global market capitalization also dropped finely and may hit the threshold of $1 trillion in the days to come.

Meanwhile, bitcoin dominance surges with a jump of 0.11% in the past 24 hours, reaching 41.24%. The growing dominance reflects the market following the trend triggered by star crypto that appears to flip the bearish trend any moment from now. 

Moreover, amid the rise of AI-based tokens like SingularityNET, Fetch.ai, The Graph token, etc, Bitcoin holders continue to remain under huge profits. Below mentions are the catalysts that point out a notable BTC price rally which is fast approaching. 

• SOPR or the Spent Output Profit Ratio holds above 1.0 for the first time since April 2022 indicating that the market has realized profits 

• The realized Profit/Loss ratio is in the profit which means the market realizes a greater proportion of USD-denominated profits than losses. The sellers have been exhausted with unrealized losses 

• The 30-SMA has moved above 365 DMA which indicates the expansion of the network which is at its highest level since 2021. This is also an indication of an early bull market as an uptick in the daily users is recorded along with more transaction throughput. 

•  The Bitcoin price is above the 200-day SMA and the realized price which previously appeared in December 2021. When these levels are broken it indicates the start of a bull run

Collectively, the bear market is getting closer as the bulls exhaust the bears’ strength with frequent minor spikes. Once they are completely depleted, a significant upswing may be triggered to reach the targets beyond $50,000 at first.