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As can be gleaned from the coin’s current price actions, it soared to a high of $28,432.04 over the past 24 hours. The sideways movement spurred by a volatility that has proven to be mild but dynamic has prevented the coin from maintaining the $28,000 price level as support. advertisement Based on the current price of Bitcoin , there are a number of important metrics to watch out for as pointed out in the Glassnode report. For one, the Short Term Holder’s unrealized profit or loss has cooled off and has returned back to a break-even level of 1.0 before bouncing back to 2.6. Glassnode also pointed out that the proposition for a more bullish growth for the premier digital currency will be hinged on the cyclical trends in the long term supply. There is an indication that long term holders are more consistent in their buyups, even though there are seasons when they exhibit cooling periods. Recommended Articles ...

Persistent inflation and a strong labor market create conditions for more Fed rate hikes in 2023, which may push down Bitcoin against the U.S. dollar. Bitcoin (BTC) investors reeling from the shock of recent cryptocurrency company failures and banking issues may face another potential problem: a recovering U.S. dollar. US dollar strength reemerges Notably, the U.S. dollar index (DXY), which tracks the greenback's performance against a basket of top foreign currencies, has risen 4% from its Feb. 3 low of 100.82, amid anticipations that the Federal Reserve will continue raising benchmark rates to cool inflation. Inflation ersists An air of caution remains as fresh U.S. data shows a recession is not yet imminent. That includes the latest jobless claims, which fell 2,000 to a seasonally adjusted 190,000 in the week ending Feb. 25, and stronger consumer spending in January.  Meanwhile, 90% of the U.S. manufacturers surveyed by Bloomberg complained about rising input prices despite the ...