Is The Bitcoin Price Bottom In? Latest On-Chain Data Suggests So
As the Bitcoin market continues to experience a flurry of sales, which started in mid-October, recent on-chain data paints a somewhat optimistic picture of the cryptocurrency’s future. The question is — is the Bitcoin bottom in? Is A BTC Price Reversal Imminent? In a recent Quicktake post on the CryptoQuant platform, pseudonymous crypto pundit Sunny Mom shared that a bottom formation for the Bitcoin price may be around the corner. Sunny Mom’s post was based on four different on-chain metrics, all looking into the behavior of Bitcoin’s market participants. The first of....
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Bitcoin continues to trade within a narrow range, hovering around $66,500 going into the week. While price action still appears subdued, recent on-chain data suggests this period of consolidation could be signaling the formation of a market bottom. Supply In Profit Drops To 11.3 Million BTC In a Quicktake post on the CryptoQuant platform, on-chain […]
After a poor performance in the first two months of the year, the XRP price appears to have steadied its movement, rousing the hopes of relief among investors. However, the latest on-chain analysis suggests that the altcoin might not have hit its true local price bottom yet. Number Of Days Spent At A Profit Still Quite Low — Analyst In a recent post on the social media platform X, on-chain analyst Joao Wedson offered insights into the XRP market, saying the cryptocurrency is yet to enter the early phases of a price rebound, contrary to popular expectations. This on-chain hypothesis is....
According to on-chain data, current Bitcoin SOPR trend suggests the market may be nowhere near the price bottom. Bitcoin SOPR Still Some Distance Above The “One” Level As pointed out by an analyst in a CryptoQuant post, the BTC SOPR hints there may be some ways to go still before a bottom forms. The “spent output profit ratio” (or SOPR in brief) is an indicator that tells us whether investors are selling at a profit or a loss right now. The metric works by evaluating the history of each coin on the chain to see which price it was last moved at. If this price was....
After a disappointing performance during the week, the price of Bitcoin has continued its sluggish action over the weekend. According to data from CoinGecko, the premier cryptocurrency has been hovering around the $102,000 level over the past 24 hours. While this current choppy price action seems like an improvement from the severe downturn witnessed in recent days, it doesn’t particularly bring calm to the world’s largest cryptocurrency. Interestingly, the latest on-chain data suggests that the Bitcoin price might still be at risk of further correction in the coming days. Why BTC Price....