Why Bitcoin’s Price May Have Hit Rock Bottom Based On This Metric
Still licking its woods after a brutal weekend, Bitcoin has been able to maintain critical levels of support. At the time of writing, BTC’s price trades at $55.318 with side movement in the past 24-hours. In the weekly and monthly chart, BTC is down 12.6% and 3.5% respectively. A report by QCP Capital highlights the […]
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Bitcoin remains strong on lower timeframes but could see some short-lived downside pressure after being rejected at the $45,500 price point. The first crypto by market cap took an upside trajectory last week on the back of several bullish headlines, and an increase in demand. Related Reading | TA: Bitcoin is Surging, Why Bulls Could Aim More Upsides As of press time, Bitcoin trades at $43,816 with a 1.2% and 13.5% profit in the last 24 hours and 7 days, respectively. Data from ByteTree suggest Bitcoin’s latest price action is “encouraging”, but BTC’s price needs to go above the....
Bitcoin price action despite being wobbly in the past days, is still being discussed by analysts. Earlier today, a CryptoQuant analyst turned the spotlight to the Bitcoin’s NVT Golden Cross, a metric that has been known to signal potential local tops and bottoms in Bitcoin’s price. According to the analyst, Burak Kesmeci, this metric is now showing a reason for concern as it is currently struggling to surpass its previous peaks. Related Reading: Bitcoin’s Sudden Drop: Could This Be a Setup for a Massive Rally? Analyst Weighs In How Is The NVT Golden Cross Signalling a Warning For....
On-chain data shows the Bitcoin NUL indicator is still below a value of 0.5, a sign that more downtrend could be in store for the crypto before the bottom is in. Bitcoin Net Unrealized Loss Surges Up, But Still Remains Below 0.5 As pointed out by an analyst in a CryptoQuant post, the cryptocurrency’s price may still be nowhere near a bottom. The relevant indicator here is the “net unrealized loss” (or NUL in brief), which tells us about the total number of coins that are currently holding an unrealized loss. The metric works by comparing the last selling price of each....
The Bitcoin price has been gaining momentum and steadily rising back to a more bullish price position of $30,000. Despite market downturns, long-term holders of the cryptocurrency are increasing their investments in hopes of a significant bull run. s the holder metric hits a new all-time high. Bitcoin Price Rises As Holder Metric Peaks Bitcoin’s […]
The bitcoin price tends to be cyclical, and we’re all trying to time the bottom. Can hash ribbons be the metric that predicts it?