According to Glassnode analysts, after waves of capitulations in May-June, the Bitcoin price has been below the realized price for a month. Other bottom formation signals have emerged.
At the time of reporting, the realized price was $22,092 and the market price was $21,069. In other words, the average unrealized loss was 4.67%.
This divergence has historically indicated a bottom in a bearish phase. The duration of this period ranged from seven days (2020) to 301 days (2015). If we exclude the first episode, which arose as a result of a shock, and not fundamental prerequisites, the average period of relevance of the signal is 197 days against the accumulated 35 days now.
The MVRV indicator has not yet fallen to previous bear phases of 0.953 vs 0.85 (unrealized loss 4.67% vs 15%) leaving room for further price declines and/or time for consolidation before final bottoming experts warned.
According to the company analysts, such a situation could also mean a greater degree of support for investors in the current cycle.