- Bitcoin’s market cycle bottom ROI has hit a new low, signaling the start of a bullish cycle.
- There was massive liquidation above $72K, as MicroStrategy completed a stock split.
The return on investment (ROI) from the bottom of the last Bitcoin [BTC] market cycle has hit a new low. Alongside, the percentage of Bitcoin in profit also dropped to its lowest since October 2023.
As prices surpassed $54K, 71% of holders were in profit. The last time this happened, Bitcoin was priced at $28K.
So, the market has cooled off from overheated levels to yearly lows, but at double the previous price. This phase in the Bitcoin market cycle aligns with typical patterns seen in past cycles.
Understanding the current cycle can help investors make better decisions as history suggests we are on track, staying informed and adaptable is crucial as the market changes.
Source: IntoTheCryptoVerse
Massive liquidation resting above $72K
Over $15 billion in Bitcoin short positions are set to be liquidated between $70K and $72K, according to AMBcrypto’s look at Coinglass data.
This suggests that the next Bitcoin market cycle could begin soon, as the price approaches the critical $72K resistance level.
Traders and investors should monitor this metric closely, as it could influence decisions on their long-term view of Bitcoin, which appeared bullish at press time.
Source: Coinglass
Bitcoin bull flag still holding
Bitcoin’s bull flag pattern remained intact at press time. The longer it holds, the more likely a significant breakout becomes. If the pattern continues to consolidate, we could see a major price surge.
This is an exciting time for those following Bitcoin. The best-case scenario in this situation would be for Bitcoin to break through the $72K mark, signaling strong upward momentum.
Source: TradingView
MicroStrategy completes stock split
Moreover, MicroStrategy recently completed a 1:10 stock split, making its shares 10 times more accessible to investors X (formerly Twitter) user and market analyst Crypto Rover noted.
The company plans to sell up to $2 Billion in shares to invest more in Bitcoin and support its operations.
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This move could be a great opportunity to diversify your portfolio. While a stock split doesn’t change the company’s fundamental value, it can make the stock feel more affordable.
The market’s recent rebound has boosted shares of Coinbase and MicroStrategy, with increases of 7.5% and 9%, respectively.
Source: Crypto Rover on X
