Bitcoin metrics demand BTC price gains as analysis calls for ‘near-term caution’
Rare signals coming from derivatives markets echo the start of previous Bitcoin price run-ups, but a bearish retest of support could come first, says Decentrader. Bitcoin (BTC) has a “possibility” of winning back more lost ground this month, but a retest of $40,000 may test bulls beforehand.In its latest market update on Feb. 11, trading suite Decentrader voiced cautious optimism over BTC price action.Derivatives turn complementaryAfter rallying above $45,500 on the back of United States economic data, BTC/USD has since dropped back into the range that has defined it this week.For....
Related News
Although Bitcoin prices made a strong 15% recovery over the past week, metrics suggest more network demand would be needed to sustain further price increases. With several on-chain metrics for Bitcoin (BTC) still in a bearish range, a continuation of the recent price recovery will require increased demand and fees spent over the network, says Glassnode. The assessment of mediocre market growth over the past week came from blockchain analysis firm Glassnode in its latest The Week On Chain report on August 1.In it, analysts pointed to sideways growth in transactional demand, active Bitcoin....
Bitcoin bulls celebrated BTC’s push through a long-term trendline resistance, but has anything actually changed? On Oct. 4 and 5, Bitcoin (BTC) took another step through the $20,000 mark, bringing the price above a long-term descending trendline that stretches all the way back to April 22 or Nov. 15, depending on one’s style of technical analysis.Some traders might be feeling a bit celebratory now that the price trades outside of the descending trendline, but have any relevant metrics or macro factors changed enough to support a bullish point of view for Bitcoin price? In reality, BTC....
The current state of the Bitcoin market offers a mix of optimism and caution for investors. Over 87% of Bitcoin holders are in profit, with their investments valued higher than their initial purchase prices. Related Reading: Whales Dump Over $1 Billion In Bitcoin: Fire Sale Or Foreshadowing? On average, these investors are seeing unrealized gains of 120%, a significant figure that reflects the substantial rally that pushed Bitcoin to its all-time high in March, according to Glassnode data. However, despite these gains, the market exhibits both encouraging long-term trends and some....
Bitcoin price could be in for more gains past $1000 as long-term candles show no signs of reversal just yet. Bitcoin Price Key Highlights. Bitcoin price seems unstoppable in its climb, as strong bullish candles have formed on the weekly chart. The $1000 handle held as near-term resistance as predicted in the previous article since short-term traders likely booked some profits there. Still, the strength of the rally on the longer-term charts indicates that bulls have enough energy left in them. Technical Indicators Signals. The 100 SMA remains above the 200 SMA on the weekly chart,....
Predicting the bitcoin bottom is something that is done with much fervor by investors in the space since it often means more profit if they can accurately catch the bottom. It often proves to be a difficult task but using blockchain metrics can provide some guidance. Presently, these blockchain metrics have fallen to new lows, […]