The Bitcoin bottom could possibly be in! On-chain data, BTC’s technical set-up, and the potential for improving macroeconomic conditions could be setting the foundation for the next market cycle.
. The recent rally shows signs of on-chain signals moving into bullish territory.
Currently, the Realized Price of Bitcoin sits at $19,715. If the price holds above this level, it will encourage buyers sitting on the sidelines to join the rally.The indicator is used to identify bullish and bearish trends. When the price is in an uptrend, investors add to their winning positions during pullbacks, indicated when the SOPR indicator’s value stays above one. The inverse happens in a bear; bears dominate the market by selling into rallies.
Another reliable short-term on-chain indicator is Spend Output Profit Ratio . It measures the profitability of Bitcoin transactions based on the price of tokens when they are added and withdrawn from specific addresses.Another notable development has occurred with Bitcoin miners, who were one of the most significant sellers in 2022 as the market price dropped below the production cost of Bitcoin, putting pressure on them. However, the days of miner capitulation are likely behind.
The stark similarities between Bitcoin’s previous cycles and a relief from the ongoing miner sell-off should aid buyers in building a long-term bullish support level.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Following Recent Highs – Market Updates Bitcoin NewsBitcoin consolidated on Jan. 16, as U.S. markets closed in celebration of the Martin Luther King Jr. Day holiday celebration.
Leer más »
Bitcoin (BTC) Mining Difficulty Climbs to Record High Amid Price RallyAs part of its design, Bitcoin network adjusts difficulty with every 2,016th block (about two weeks)
Leer más »
BTC price cancels FTX losses — 5 things to know in Bitcoin this weekBitcoin seals its highest weekly close since FTX, but BTC price action is due consolidation, say analysts.
Leer más »
Here's What Helped Bitcoin (BTC) Soar Above $21,000: ReportBitcoin spiked from $16,000 to $21,000 as these drivers interfered. $BTC santimentfeed
Leer más »
Bitcoin (BTC) Surges to New Multi-Month High as Recovery Picks Up SteamThe world's largest cryptocurrency keeps surging higher, reclaiming the $21,000 level once again
Leer más »
Peter Schiff Predicts Bitcoin (BTC) Price Will Plunge Back Below $18KTop cryptocurrency has managed to reclaim $21,000 level, but Schiff believes that this rally will be short-lived
Leer más »