Bitcoin Market Analysis: Realised Cap Reaches New High Amid Investor Caution

Bitcoin’s realised market cap reaches $872 billion, but enthusiasm wanes as the monthly growth rate dips to 0.9%. Profit-taking dominates, with short-term holders under pressure. Diverging sentiments between US and Korean traders reflect in current trading activity, with price oscillating between $85,440-$82,750. Resistance levels indicate caution among investors.

Bitcoin’s (BTC) realised market capitalisation has reached a historic high of $872 billion. However, data from Glassnode indicates a lack of investor enthusiasm at its current price. The monthly growth rate of this capital has decreased to 0.9%, suggesting a broader risk-off sentiment within the market. The realised cap reflects the total value of all Bitcoin moved at its last transaction price, providing insights into economic activity.

The decline in the growth rate suggests reduced capital inflows, possibly indicating fewer new investors or diminished activity from current holders. Additionally, Glassnode reported a significant 40% drop in realised profit and loss, pointing towards increased profit-taking or loss realisation among holders. While new investors remain cautious, existing ones are likely adopting a risk-averse approach due to the current short-term holder realised price of $91,600.

As Bitcoin trades below this threshold, short-term holders may face increased selling pressure should they choose to realise losses. Furthermore, Bitcoin’s short-term holder market value to realised value remains below one, a level historically correlated with buying opportunities, signalling that current short-term holders are experiencing losses.

There is also a notable divergence in trading sentiment between US and Korean Bitcoin traders. The Coinbase premium, which reflects US trading activity, has recently surged, indicating significant demand in the US and possible upward price movements. In contrast, the Kimchi premium has dropped, suggesting decreased retail engagement from Korean traders.

This mixed demand is evident in Bitcoin’s price behaviour, which has fluctuated within a narrow range of $85,440 to $82,750 since April 11. On the 4-hour chart, Bitcoin finds support from the 50-day, 100-day, and 200-day moving averages, while these same indicators present resistance on the 1-day chart, affecting the bullish outlook.