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Analysis: Bitcoin's "price action" and "realized profits" are diverging; the rebound may have already peaked.
Mars Finance reports that on April 19, on-chain analyst Murphy stated that after Bitcoin touched $78,000 recently, the average realized profit over the next 24 hours was $39.15 million, which is less than when Bitcoin reached $76,000 on April 14.
A divergence between “price action” and “realized profit” usually indicates that demand can no longer sustain further profit concentration realization, and upward momentum begins to weaken, as seen previously on January 7 and January 14.
The weekend market’s reduced trading volume may also be one of the reasons.
If the divergence between “price” and “profit” is mainly judged to be because demand can no longer sustain more profit realization, then it can be basically confirmed that the rebound has peaked.
If the divergence is mainly judged to be due to decreased market activity over the weekend, then further observation will be needed in the upcoming trading days.