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Bitcoin has achieved a market capitalization rise to $872 billion, setting a new historical high, but data from Glassnode reflects a lack of enthusiasm among investors regarding the current BTC price level.

In a recent post on the X platform, this analytics platform pointed out that despite reaching a new milestone in realized market capitalization, the monthly growth rate of this metric has dropped to 0.9%. This trend suggests a conservative market sentiment, indicating a risk-averse attitude.

Realized market capitalization measures the total value of all bitcoins calculated at the price of their last transfer, reflecting the actual capital invested and providing insights into Bitcoin's economic activity. The slowdown in its growth indicates that capital inflows are still positive but have decreased, suggesting a reduction in new investors or a decline in trading activity among existing holders.

Additionally, Glassnode's realized profit and loss chart has recently seen a significant drop of 40%, indicating a large amount of profit-taking or stop-loss exits in the market. The data platform explained, "This suggests that investor activity has become saturated, typically signaling that the market will enter a consolidation phase to seek a new equilibrium."

While new investors remain cautious, existing investors may become more prudent due to the realized price of short-term holders. CryptoQuant data shows that the current realized price for short-term holders is $91,600. As Bitcoin is currently in a consolidation phase below this threshold, it means that short-term holders are generally at a loss, which may exacerbate selling pressure when they choose to stop-loss sell.

Similarly, the market value to realized value ratio (MVRV) for Bitcoin short-term holders remains below 1, a level that has historically been seen as a buying opportunity, further confirming that short-term holders are currently at a loss.

Divergence in Bitcoin Trading Sentiment Between US and South Korean Traders

Data shows a clear divergence in sentiment among Bitcoin traders in the US and South Korea. The Coinbase premium index, representing trading sentiment in the US market, has recently surged, indicating strong demand for Bitcoin in the US market, which may suggest potential upward price movement for Bitcoin.

In contrast, the "Kimchi Premium" in the South Korean market has declined during this pullback, reflecting lower participation from South Korean retail investors and relatively tepid sentiment.

This imbalanced demand is reflected in Bitcoin's recent price movements. Charts show that since April 11, Bitcoin's price has been oscillating within a narrow range between $85,440 and $82,750. On the 4-hour chart, BTC has received support from the 50-day, 100-day, and 200-day moving averages; however, on the daily chart, these technical indicators have become resistance levels for Bitcoin's upward structure.

Related: Bitcoin mining company Bit Digital invests $53 million to acquire new facilities, continuing to advance AI and HPC business.

This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.

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