Bitcoin has delivered gains that set the foundation for a resumption of the 2023 uptrend, says the latest BTC price analysis from Glassnode. 1528 Total views 10 Total shares Listen to article 0:00 Markets News Join us on social networksBitcoin (BTC) is due to finish 2023 as it started, on-chain analytics firm Glassnode said, as October gains near 30%.
In the latest edition of its weekly newsletter, The Week On-Chain, released Oct. 24, researchers argued that the past week sets the foundation for a BTC price uptrend.BTC price convincingly beats out resistance levels
As it hit $35,200 this week, Bitcoin eclipsed various key trendlines, which had previously acted as support for months.
These included various moving averages (MA), among them the 200-week simple MA at $28,400 the classic bear market support line.
A cluster of long-term simple moving averages of price are located around $28k, and have provided market resistance through September and October, Glassnode noted.After a month of the market grinding higher, the bulls found sufficient strength this week to convincingly break through the 111-day, 200-day, and 200-week averages.BTC/USD annotated chart with moving average data (screenshot). Source: Glassnode
In so doing, the profitability of various investor cohorts improved considerably. The so-called cost basis of speculators and market newcomers also lies near $28,000.
The Short-Term Holder (STH) cost basis is also now in the rear view mirror at $28k, putting the average recent investor into an average profit of +20%, The Week On-Chain continued.
Researchers uploaded a chart of the short-term holder market-value-to-realized-value (STH-MVRV) ratio, which tracks the profitability of STH coins. They noted that even prior to the October upside, no major capitulatory behavior was visible.
We can see instances in 2021-22 where STH-MVRV reached relatively deep corrections of -20% or more, they explained.Whilst the August sell-off did reach a low of -10%, it is noteworthy how shallow this MVRV decline is by comparison, suggesting the recent correction found noteworthy support, being a precursor to this weeks rally.Bitcoin STH-MVRV annotated chart (screenshot). Source: GlassnodeBitcoin sets the foundation for green year
As Cointelegraph reported, the presence of STH entities versus their seasoned counterparts, the long-term holders (LTHs), is now historically low.
Related:Bitcoin price model expects $45K phase to hit in November
Despite facing profitability issues of their own, LTHs now own more than three-quarters of the available BTC supply for the first time.
Their cost basis is lower, further toward $20,000 and while some believe that Bitcoin could still return to that area, Glassnode is optimistic over how the year will end.
A meaningful proportion of supply and investors now find themselves above the average break-even price, located around $28k, it concluded.This sets the foundation for a resumption of the 2023 uptrend. At the very least, the market has crossed over several key levels where aggregate investor psychology is likely to be anchored, making the weeks that follow important to keep an eye on.BTC/USD monthly returns (screenshot). Source: CoinGlass
Per data from on-chain monitoring resource CoinGlass, BTC/USD is currently up 26% this month by October standards, still relatively modest.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. # Bitcoin # Bitcoin Price # Markets
Add reaction
Add reaction Read more Why the 2024 Bitcoin halving may play out differently than in the past Bitcoin is evolving into a multi-asset network Bitcoin bulls fight to hold $34K as CME BTC open interest surpasses 100K
The biggest city in the Sahel has been ransacked and left in ruins.
War erupted in Sudan’s capital Khartoum in April 2023 and sent millions searching for safety.
The city was quickly captured by the paramilitary Rapid Support Forces (RSF) after a power struggle with the Sudanese Armed Forces (SAF) for total control.
At least 61,000 people were killed from the fighting and siege conditions in Khartoum state alone.
Thousands more were maimed and many remain missing.
The empty streets they left behind are lined with charred, bullet-ridden buildings and robbed store fronts.
More on Sudan
Related Topics:
The once shiny skyscrapers built along the confluence of the River Nile are now husks of blackened steel.
The neighbourhoods are skeletal. Generational homes are deserted and hollow.
Image: Damage from fighting around Khartoum
Trenches snake the streets where copper electric cables were ripped out of the ground and pulled out of lampposts now overridden with weeds.
The majority of the 13 million people displaced by this war fled Khartoum. Many left in a rush, assuming it would only take a few weeks for peace to be restored.
My parents were among those millions and in the midst of the abandoned, looted homes is the house where I grew up.
Image: Yousra Elbagir’s family home was left in ruins by RSF troops
Image: Yousra said it was likely a bomb had previously fallen nearby and shaken the house at its base
A shell of a home
I have to strain my eyes to see the turn to my house. All the usual markers are gone. There are no gatherings of young people drinking coffee with tea ladies in the leafy shade – just gaping billboard frames that once held up advertisements behind cars of courting couples parked by the Nile.
Our garden is both overgrown and dried to death.
The mango, lemon and jasmine trees carefully planted by my mother and brother have withered.
Image: Structural damage to the outside of the home
The Bougainvillea has reached over the pathway and blocked off the main entrance. We go through the small black side door.
Our family car is no longer in the garage, forcing us to walk around it.
It was stolen shortly after my parents evacuated.
The two chairs my mum and dad would sit at the centre of the front lawn are still there, but surrounded by thorny weeds and twisted, bleached vines.
Image: How the home looked before Sudan’s war
Image: And how it looks now
The neighbour’s once lush garden is barren too.
Their tall palm trees at the front of the house have been beheaded – rounding off into a greyish stump instead of lush fronds.
Everyone in Khartoum is coming back to a game of Russian roulette. Searching out their houses to confirm suspicions of whether it was blasted, burned or punctured with bullets.
Many homes were looted and bruised by nearby combat but some are still standing. Others have been completely destroyed.
Image: How the home looked before the war
Image: And how it looks now
The outside of our house looks smooth from the street but has a crack in the base of the front wall visible from up close.
It is likely a bomb fell nearby and shook the house at its base – a reminder of the airstrikes and shelling that my parents and their neighbours fled.
Inside, the damage is choking.
Most of the furniture has been taken except a few lone couches.
The carpets and curtains have been stripped. The electrical panels and wiring pulled out. The appliances, dishes, glasses and spices snatched from the kitchens.
Image: Yousra shows her mother pictures found in the home
The walls are bare apart from the few items they decided to spare. Ceilings have been punctured and cushions torn open in their hunt for hidden gold.
The walls are marked with the names of RSF troops that came in and out of this house like it was their own.
The home that has been the centre of our life in Sudan is a shell.
Image: Sudan’s war has left the country fractured
Glimmers of hope
The picture of sheer wreckage settles and signs of familiarity come into focus.
A family photo album that is 20 years old.
The rocking chair my mother cradled me and my sister in. My university certificate.
Image: Yousra finds her university certificate in the wreckage
Celebratory snaps of my siblings’ weddings. Books my brother has had since the early nineties.
The painting above my bed that I have pined over during the two years – custom-made and gifted to me for my 24th birthday and signed by my family on the back.
There are signs of dirt and damage on all these items our looters discarded but it is enough.
Image: Yousra’s parents pictured at home before they fled Khartoum
Evidence of material destruction but a reminder of what we can hope will endure.
The spirit of the people that gathered to laugh, cry and break bread in these rooms.
Image: A portrait of Yousra’s grandmother damaged by RSF troops
The hospitality and warmth of a Sudanese home with an open door.
The community and sense of togetherness that can never truly be robbed.
What remains in our hearts and our city is a sign of what will get us through.
A few days later, I spoke to Mr Zelenskyy in person when he confided to me that maybe he would have to step down if NATO could guarantee Ukraine membership – a man who perhaps sensed he could never win against a hostile Mr Trump.
Please use Chrome browser for a more accessible video player
5:07
Sky News meets Zelenskyy: The key moments
Yet, fast-forward to last weekend in Rome, and an iconic picture of the two men in close conversation at the Pope’s funeral.
This time round, it is Russian President Vladimir Putin on the receiving end of the presidential anger, blaming him for the fact that “too many people are dying!”
Image: Trump and Zelenskyy talk in the Vatican. Pic: AP
To Trump’s supporters, this is the smart negotiator, constantly repositioning himself as new information comes in, prior to pulling off a spectacular deal.
To his many detractors, it indicates a dangerous incoherence that is replicated in other key areas, including tariffs as well as his relationship with his allies in Europe and his foes in Beijing.
Flexible or fallible; in control or all at sea? In the fast and furious world of Donald Trump, it’s almost impossible to call.
The only constants are his unwavering self-belief, or as the man himself says: “I aim very high, and then I just keep pushing and pushing and pushing to get what I’m after.”
A paramedic in Gaza who was detained for more than five weeks following an Israeli attack that killed 15 aid workers has been released, the Palestinian Red Crescent Society (PRCS) said.
Asaad al Nsasrah was one of 17 aid workers who were attacked in Tel al Sultan in southern Gaza by Israeli forces on 23 March.
Asaad was one of two first responders who survived – the other 15 were killed.
He was initially thought to be missing, as his body was not among the dead. It was not until 13 April, three weeks after the attack, that Israel confirmed Asaad was alive and in Israeli detention.
The PRCS announced Asaad’s release on X and shared a video of him reuniting with colleagues.
X
This content is provided by X, which may be using cookies and other technologies.
To show you this content, we need your permission to use cookies.
You can use the buttons below to amend your preferences to enable X cookies or to allow those cookies just once.
You can change your settings at any time via the Privacy Options.
Unfortunately we have been unable to verify if you have consented to X cookies.
To view this content you can use the button below to allow X cookies for this session only.
Sky News has seen images showing Asaad, among other released Palestinians, in a grey tracksuit at al Amal Hospital in Khan Younis, where he is undergoing medical examination, according to the PRCS.
Please use Chrome browser for a more accessible video player
19:54
How two hours of terror unfolded
The PRCS claimed the Israeli military’s investigation was “full of lies”.
Asaad’s voice can be heard in a video, initially published by the New York Times, that shows the moments leading up to the attack on the aid workers.
The video was discovered on Rifaat Radwaan’s phone, which was found on his body by rescue workers five days after the attack.
Among those killed were one UN worker, eight paramedics from the PRCS and six first responders from Civil Defence – the official fire and rescue service of Gaza’s Hamas-led government.
The Data and Forensics team is a multi-skilled unit dedicated to providing transparent journalism from Sky News. We gather, analyse and visualise data to tell data-driven stories. We combine traditional reporting skills with advanced analysis of satellite images, social media and other open source information. Through multimedia storytelling we aim to better explain the world while also showing how our journalism is done.