Bitcoin on-chain data suggests no bull market top at $60K, selling activity d...
Bitcoin on-chain data reveals that speculators and long-term holders have become increasingly confident of higher prices as their selling activity has slowed down significantly. For the very first time in a Bitcoin (BTC) bull market, not only long-term investors but also short-term speculators who usually add to the daily sell pressure toward the end of a market cycle have become increasingly confident of higher prices as they hold on to their Bitcoin.This only adds to the already existing supply shock. If demand remains strong, this is a recipe for another leg up for the BTC price.Bitcoin....
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The Bitcoin cycle top would likely come in at price levels above $166,000 per coin if history repeats. After breaking out of the two-months ascending triangle, the price of Bitcoin (BTC) is firmly staying above $60,000. Current on-chain volume suggests investors are still strongly buying Bitcoin at current price levels.Furthermore, the current price is not even close to a short-term price top when comparing to historic network valuation multiples.BTC price bull run not overheated, investor activity showsWhile bear market bottoms often coincide with seller exhaustion, bull cycle tops happen....
On-chain data is showing more and more similarities to mid- and late-2020 — the springboard period for the Ether and Bitcoin bull market. Bitcoin (BTC) and Ether (ETH) have started showing “remarkable” bullish divergences that echo the start of bullish price trends.That’s according to the latest data collected by on-chain analytics firm Glassnode this week. BTC, ETH data mimics “mid to late 2020”In its latest weekly report, “The Week On-chain,” Glassnode revealed that while price action remains quiet, on-chain metrics suggest that it could well be lagging behind much more bullish....
Those who bought Bitcoin this bull market are in no hurry to sell, says Glassnode, as small-time investor numbers also grow. Bitcoin (BTC) investors continue to hodl BTC at $40,000, even if they bought it at lower levels earlier in 2021.In the latest edition of its newsletter, The Week On-Chain, on June 14, on-chain monitoring resource Glassnode revealed that buyers from the first months of this year’s bull market are refusing to cash out."Very young" supply in declineBitcoin has been marked by low volume in recent weeks as price action remained rangebound between $30,000 and $41,000.The....
Data reveals that while Bitcoin’s price is shooting up, the on-chain activity hasn’t improved much in the past week. What could be the reason behind this behavior? Bitcoin Breaks $50k, But Activity Lags Behind As per this week’s edition of the Arcane Research report, on-chain activity seems to be slow to recover despite the price of the cryptocurrency jumping high. The metric used for measuring the activity here is the Bitcoin 7-day average number of active addresses indicator, which as its name suggests gives the number of address on the network that saw transactions....
Volatility is one of the distinguishing attributes of the crypto market that springs surprises in several observers. It creates a desirable environment for traders and investors in the crypto industry to advance with huge profits. Over the past week, the crypto market experienced the presence of the bulls in considerable measure. Most of the crypto assets made some impressive reclaims in their value. Most tokens were forced to break their resistance and advance more to the north. This pushed the cumulative market cap to its coveted level of $1 trillion. Related Reading: Dogecoin (DOGE)....