On April 19th, on-chain analyst Murphy said that after BTC reached $78,000 recently, the average realized profit over the next 24 hours was $39.15 million, which was lower than when BTC hit $76,000 on April 14th. “Price action” and “realized profit” showed a divergence; this usually indicates that the demand side can no longer sustain further concentrated profit-taking, and upside momentum begins to fade, as it did earlier on January 7th and January 14th. The lower trading volume in the weekend market may also be one of the reasons.

If it is determined that the divergence between “price” and “profit” is mainly because the demand side can no longer sustain more concentrated profit-taking, then it can generally be concluded that the rebound has already topped out. If it is judged that the main reason is the decrease in weekend market activity, then further observation will be carried out in the upcoming trading days. $BTC