On-chain data platform Glassnode has released its weekly report. In the report, it was stated that one of the few relief rallies from the big bearish period seen this year took place last week, while the coins continue to gradually move to long-term investors. Glassnode also stated that it may take longer than expected for the effects of the bearish period to end.

In the report of Glassnode, it was stated that most of the short-term investors were disabled in the big drop in 2022, but the short-term investor group entered again with a relief rally at $ 20 thousand, which is a psychological level of $ 30 thousand and $ 40 thousand:

   "Bitcoin dropped 75% in 2022, and as we mentioned in our previous weekly reports, the 'tourists' passed away during this period. This was a period when coins passed to unemotional individuals and institutions that took a long-term view of investment. The thousand dollar region has also been a region where a large short-term investor community has come in due to the relief rally. Short-term investor demand is usually seen at psychological price levels of 40 thousand, 30 thousand and 20 thousand. Also, most of these people, prices are out of their buy zone. Even though they're 50% lower, they still haven't surrendered."

In the graphic below of Glassnode, there is a realization price distribution that has not been spent, that is, not sold. As seen in the chart, blue candles representing long-term investors do not sell in many price ranges, while red candles, as mentioned above, prefer to hold on to the psychological price levels of $20,000, $30,000 and $40,000.

distribution

The report also touched on the ratios of the Mayer Multiple indicator, which takes the ratio of Bitcoin's instant price to its 200-day moving average, and noted that during the entire Bitcoin trading history, the Mayer Multiple fell below 0.55 for 127 days, one of those unusual times:

   "Last week, prices moved positively and went above the last consolidation zone. This period actually came after short-term but above-correction price drops. The event that MM, which is seen at the most exaggerated and extreme points of the market, fell below 0.55 was also experienced in this period. Kovid "The MM was 0.56 in the March crash of 2020. Such price movements are extremely unusual. In all of Bitcoin's history, only 127 or 3% of the 4186 days passed, the MM went below 0.55."

multiple

The report also talked about what the moving average zones represent, and noted that the 200-day moving average, or $35,000, is a bear and bull market transition zone:

   “The 200-week moving average is currently at $22,000 and it has bottomed out… The 111-day moving average is the psychological price level and is located at $30,000. The 200-day moving average is around $35,000, but there is a significant momentum in the momentum between the bear and the bull market. It's a crossing point."

wma

In the report, which stated that the large downward movements experienced in 2022 reduced the number of relief rallies and therefore the profitability rates were low, it was written that it may take longer than expected for prices to rise to their previous levels:

   "Since the beginning of the year, there have been very few relief rallies. Therefore, the profitability ratio has remained very low. Long-term investors are no exception in this regard. Their spending movements also show that there are serious outflows in May and June 2022. However, long-term investors have coin in their hands. "The number continues to increase gradually. Short-term momentum suggests that the upswing may continue. In the long-term, the worst capitulation period may be over, but recovery may require a longer-than-expected timeframe."