3 on-chain indicators suggest the Bitcoin price sell-off is losing steam
As Bitcoin's price shows new signs of bullish momentum, data from various on-chain indicators suggests that the current sell-off is reaching an end. Bitcoin has entered a consolidation phase following its May 19 crash from $42,600 to $30,000 on Coinbase. The flagship cryptocurrency recovered its losses quickly and reclaimed $40,000, but it failed to log a clear bullish breakout above this resistance level, and at the time of writing, the price remains pinned below $40,000.The latest price action in the Bitcoin (BTC) market has been, at best, choppy, with traders showing no clear indication....
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Dogecoin transactions have dropped to lowest levels since 2017 as DOGE loses 30% value over the past month. Is the coin losing steam? Dogecoin Daily Transactions Count Drops To Just 16,441 Dogecoin chain data shows the crypto’s daily transactions count has declined to just 16,441, a value that the coin hasn’t seen since 2017. The […]
Bitcoin bulls should brace for a bearish impact as three of the leading on-chain indicators unanimously warn about potential sell-offs in the spot market ahead. CryptoQuant, a South Korea-based blockchain analysis firm, highlighted the latest readings on their proprietary metrics, one of which studies large BTC outflows from miners’ wallets and the other over-the-counter BTC […]
On-chain data points toward a bullish future for Bitcoin despite today’s sell-off to $50,400. On March 25, concerns surrounding the record-breaking $6.1 billion (BTC) options expiry this Friday sparked an overnight sell-off that dropped Bitcoin price to $50,400.The downturn was not a surprise for many traders and some called for a possible test of the $47,000 support level. Despite Bitcoin's loss of bullish momentum, several derivatives indicators, including a bullish futures premium and a neutral skew, suggest that the price may not drop below $50,000. BTC/USDT 4-hour chart. Source:....
New Indicators Point to Bitcoin Sell-off Slow Down As Bitcoin recovers from recent lows of $43,500, new indicators have shown that the sell-off may be slowing down. SOPR dips in “full reset” For the first time since September 2020, the SOPR (Spent Output Profit Ratio) indicator dipped below 1. This indicator, which tracks the variation between purchasing price and sale price, is used to represent overall market profit and loss. A value greater than 1 […]