‘Extreme demand’ for BTC at $20K creating new support levels: Glassnode
The latest analysis by Glassnode suggests that the worst of the sell-offs could be concluded, but the market still needs time to recover. “Extreme” demand at the $20,000 price point for Bitcoin (BTC) appears to have forced the coins back into the hands of investors who care less about price while creating a new realized price level.In the latest The Week OnChain Newsletter published on Monday, Glassnode’s UkuriaOC pointed to “extreme demand” around the $20,000 region, noting that each psychological price level from $40,000 to $30,000 to $20,000 creates a new group of short-term holders....
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Bitcoin has an extreme potential to hold $47,000 as its support level, according to Rafael Schultze-Kraft, the co-founder/CTO of blockchain analytics platform Glassnode.
A fundamental shift in technicals suggests that bulls should treat $48,000 like the new $35,000, says Glassnode. Bitcoin (BTC) has seen "unreal" price consolidation since the start of February 2021 — and fundamental support is now at $48,000.According to on-chain monitoring resource Glassnode, the second month of the year has been a formative period for Bitcoin like no other.$35,000 Bitcoin? So last monthDiscussing the current state of the Bitcoin network, co-founders Yann Allemann and Jan Happel said that many price indicators had been allowed a "reset" in February."The amount of....
Approximately 6.5% of Bitcoin’s circulating supply moved on-chain while the markets found support at $47k, representing “one of the largest on-chain BTC accumulation levels” ever. On-chain crypto analytics firm Glassnode has reported significant on-chain support was found for BTC at the roughly $47,000 level, describing the event as the largest on-chain support identified since Bitcoin broke above $11,000 in late 2020.According to a March 8 report from Glassnode, approximately 1.2 million Bitcoin were moved on-chain as BTC’s price traded between $45,500 to $48,900 after bouncing off a....
Bitcoin has been rejecting one more time in the upper levels of its current range. At the time of writing, BTC trades at $32,915 with a 5.1% and 6.3% loss in the 24-hour and 7-day charts. The price action of the last days has investors shifting from extreme fear to extreme bullishness. There seems to […]
Recent on-chain analysis by Glassnode has shown that the current Bitcoin bear cycle is playing out as the worst one in history. Several factors have contributed to making the current crypto bear market the worst ever recorded as most Bitcoin (BTC) traders are underwater and continue to sell at a loss, according to Glassnode.Blockchain analysis firm Glassnode’s Saturday report titled “A Bear of Historic Proportions” outlines how Bitcoin’s current dip below the 200-day moving average (MA), negative deviation from realized price and net realized losses have conspired to make 2022 the worst in....