Bitcoin On-Chain Model Shows Critical Support At $104,000-$108,000 – Details
Prominent analytics firm Glassnode has shared new on-chain insights into the Bitcoin market, pointing to the next major support zone amid a euphoric market mood on Friday. The world’s leading cryptocurrency briefly surged to above $117,000 after comments from US Federal Reserve Chairman Jerome Powell signaled a possible shift away from the central bank’s long-standing hawkish stance. Related Reading: When Will Bitcoin Bottom Out? This Could Be The Signal To Watch Bitcoin’s Crucial Defense Level At $104,000–$108,000: Data In an X post on August 22, Glassnode explains that Bitcoin’s UTXO....
Related News
The Bitcoin price has managed to stay above $110,000 over the weekend, and on-chain data shows that the premier cryptocurrency sits above three crucial support levels. Here are the critical levels to watch out for over the next few weeks. Where Are The Next Support Levels For BTC? On Saturday, September 6, prominent crypto analyst Ali Martinez took to the social media platform X to offer on-chain insights into the current layout of the Bitcoin price. This price evaluation, which revolves around the BTC UTXO Realized Price Distribution (URPD) metric, shows the next support levels for....
The price of Bitcoin has cut through another critical resistance range putting $100,000 in play, on-chain data suggests. The Bitcoin price (BTC) has surpassed the $21,000–$22,000 resistance range to rise above a new high of $23,000 on Dec. 17. Meanwhile, on-chain analyst Willy Woo now says $100,000 is a “ridiculously low” target.BTC/USD weekly chart (Bitstamp). Source: TradingviewThe $21,000 level was particularly important for Bitcoin to continue its rally in the near term. Exchange heatmaps showed stacked sell orders at around $21,000 to $21,500, which meant BTC price had to break....
Popular Bitcoin model Stock-to-Flow (S2F) shows BTC has touched a trend line that has historically sent the crypto flying. Bitcoin Touches S2F Deflection Trend Line As pointed out by a crypto analyst on Twitter, BTC seems to have just touched a lower S2F deflection trend line. The S2F or Stock-to-flow Bitcoin model helps in predicting the price of BTC. The method has proved to be remarkably accurate so far, besides a few points of deviation. S2F model is based on the ratio between the stock (supply) and the flow (annual production). The model can be applied to any asset, not just BTC. A....
Even though Bitcoin surged by nearly 10% between March 5 and 6, reaching as high as the $92,000 level, uncertainty still lingers around the flagship asset. BTC has fallen below the $90,000 mark for the third time this week, but on-chain data shows that the asset is at a critical region that hints at a […]
On-chain data shows the Bitcoin Market Value to Realized Value (MVRV) ratio is nearing a retest that could be crucial for the asset. Bitcoin MVRV Ratio Is Nearing In On The 1.2 Level As an analyst in a CryptoQuant Quicktake post explained, the 1.2 level of the MVRV ratio has historically been a support line for the cryptocurrency. The “MVRV ratio” is an indicator that measures the ratio between the Bitcoin market cap and the realized cap. The “realized cap” here refers to a capitalization model for BTC that assumes the real value of each coin in circulation....