Bitcoin one-year holding return falls 49%, but bottom call remains premature

Bitcoin’s one-year holding return has fallen to around -49%, but that is too early to read as a market bottom signal, according to a U.Today analysis. BTC’s 365-day holding return metric currently stands at about 0.514, meaning the price remains near 51% of its level a year ago. U.Today said dips below one, the breakeven level, also appeared during the 2014-2015, 2018-2019 and 2022 bear markets, but in some cases the metric stayed depressed for months or fell further. The outlet said the current reading is less a direct buy signal than a sign the market remains in a prolonged weak phase. It added BTC is currently trading at about $62,900, below both its 100-day moving average of around $66,500 and its 200-day moving average of about $71,800. The daily relative strength index, or RSI, has also dropped to about 42.5, though it has not entered oversold territory.