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Bitcoin has once more experienced a major drop, dropping to below $56 000 and going as low as $55 600 this week. In a recent post on X, popular crypto analyst Ash Crypto explained the reasons for another fall of BTC. This decline is mainly attributed to worldwide economic factors such as stock market crashes […]
Bitcoin miners have earned less than 2 Bitcoin combined from Runes transactions over the past six days, a significant decrease from the record high of 884 Bitcoin on April 24.
Ki Young Ju, the CEO of Crypto Quant, also expressed a rather conservative view regarding the Bitcoin price movements. He is convinced that activity is going to remain low for a while until the sentiment turns positive in the United States. In a recent post on X, he explains current market inactivity because there is […]
On-chain data shows that the Bitcoin exchange supply has only continued to slip further recently despite the price drop to the $29,200 that BTC has observed. Bitcoin Exchange Supply Has Declined To Just 1.17 Million BTC Now According to data from the on-chain analytics firm Santiment, the latest decline in the price doesn’t look to [...]
The post Bitcoin Exchange Supply Only Slips Further Despite Price Decline appeared first on Crypto Breaking News.
Bitcoin is once again leading the market in the most recent descent into the red. This has seen the pioneer digital asset fall to 18-month lows and it has taken the rest of the market down with it. In such climes, it is usually advised that investors remain calm but that is easier said than done. Bitcoin which looked poised to visit the mid-2020 levels has not formed any kind of support and as such the market continues to wonder if the worse is yet to come. More Bitcoin Dumps Incoming? With the current bitcoin prices, it is now well below its 50 and 100-day moving averages. This has cemented the bearish trend for the digital asset, regardless of any positive performance over the next few days. In fact, there is every possibility that the price of the digital asset will most likely dump to 2017 all-time high levels before there is a recovery in this regard. Related Reading | Bitcoin Decline Sees Funding Rates Plunge To Three-Month Lows It is also important to note that it was said that the cryptocurrency had been at oversold levels, hinting at fatigue on the part of sellers. However, recent trends have shown that this was not the case. Rather, it had been a setup for even worse sell-offs. Due to this, it is most logical to view the market from the point of view of a prolonged bear market. Yes, there may be some merit to buying the red right now but if previous bear markets have taught investors anything, it is the fact that it can always get worse. BTC price dumps to $23,000 level | Source: BTCUSD on TradingView.com Also taking into account that previous bear markets have seen the price of the leading digital assets dump about 90% in the past. Even with the recent decline, Bitcoin and Ethereum still remain above these levels. This means that if they were to dump completely to follow previous trends, then there might be more pain ahead for investors. Investor Sentiment In the Gutter With the decline in the price of bitcoin had come great fear. This has seen the Fear & Greed Index dip toward historical levels. The reading on the index currently stands at 11, one of the lowest it has been in recent times. This indicates that investors do not want to put money in the market. Instead, they are looking to sell off, even at a loss, to mitigate further losses. One thing to note, however, is what times like these have bred in the past. When most retail investors are scared to go into the market, larger investors tend to take advantage of this fear and play it for their own gain. Buying up large quantities of BTC, causing the price to spike once more. Related Reading | Bitcoin Open Interest Falls As Price Dips Below $31,000 This puts the whales in automatic profit. But there is also a risk to following these trends because the spike in price brought about by such large buys can be easily lost. In such cases, prices have been known to decline even more compared to their previous points. In markets like this, caution needs to be applied to every move made. This is the bedrock of any investing strategy. Bitcoin’s volatility is legendary and true to form, the volatility can swing either way, causing profits or losses. Featured image from Forbes, chart from TradingView.com Disclaimer: The following op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
On-chain data shows the Realized Price of the Bitcoin short-term holders lies at $86,800 right now, making the level one to watch. Bitcoin Is Still At A Notable Gap From Short-Term Holder Cost Basis In a new post on X, the on-chain analytics firm Glassnode has discussed the trend in the profit-loss status of the Bitcoin short-term holders. The indicator of relevance here is the “Market Value to Realized Value (MVRV) Ratio,” which keeps track of the ratio between BTC’s Market Cap and its Realized Cap. Related Reading: Bitcoin Sentiment Now Worst Since Mid-October: Reversal Signal? The “Realized Cap” here refers to an on-chain capitalization model for the cryptocurrency that assumes the ‘real’ value of each token in circulation is the price at which it was last transacted on the blockchain. Since the last transfer of any coin is likely to correspond to the last instance of it changing hands, the price at its time could be considered as its current cost basis. Thus, the Realized Cap is nothing, but the sum of the capital that the investors as a whole have used to purchase the cryptocurrency. In contrast, the Market Cap represents the value that the holders are carrying right now. As the MVRV Ratio compares these two models, its value tells us about the profit-loss situation of the network. The traditional MVRV Ratio measures this for the entire market, but the version of the metric that’s of interest in the current topic is that specifically for the short-term holders (STHs), investors who purchased their coins within the past 155 days. Below is the chart shared by the analytics firm that shows the trend in the Bitcoin STH MVRV Ratio over the past year or so: As displayed in the graph, the Bitcoin STH MVRV Ratio spiked to notable levels above the 1 mark when the recent leg up in the BTC rally took place. The indicator being above this value implies the Market Cap of the group is greater than its Realized Cap, and so, the average member is in a state of profit. Recently, as the decline in the cryptocurrency’s price has occurred, the indicator has naturally gone down. Its value still remains above the 1 level, though, suggesting profits held by the cohort still outweigh the losses. At present, the STH MVRV Ratio is sitting at 1.08, which corresponds to the group holding unrealized gains of around 8%. Historically, the STHs have shown to represent the fickle-minded side of the market that easily participates in selloffs, so their being in large profits has tended to be a danger sign for the price. The cohort is no longer making significant profits after the drawdown, but perhaps a cooldown may need to happen if the risk of profit-taking has to go away. A metric that makes it convenient to track when this could happen is the “Realized Price,” which is derived from the Realized Cap by dividing it with the total number of tokens in circulation. Related Reading: Dogecoin To Rally 6,770% If This Pattern Holds: Crypto Analyst From the chart, it’s visible that the STH Realized Price has a value of $86,800 right now, which means the group will be just breaking-even on its investment if Bitcoin falls to this level. BTC Price Bitcoin briefly fell under the $92,000 level yesterday, but the coin has found a small rebound as its price is now trading around $94,500. Featured image from Dall-E, Glassnode.com, chart from TradingView.com
On-chain data shows the Bitcoin NVT Golden Cross has neared the overvalued zone recently, a sign that a drawdown could be coming. Related Reading: XRP FUD Spikes, Will This Trigger A Price Reversal? Bitcoin NVT Golden Cross Is Near “Overpriced” Territory An analyst in a CryptoQuant post pointed out that the BTC NVT Golden Cross [...]
The post Bitcoin NVT Golden Cross Says BTC Is Overpriced, Decline Soon? appeared first on Crypto Breaking News.
Data shows the Bitcoin Korea Premium Index has taken a negative value recently, something that could lead to a drawdown in the asset’s price. Bitcoin Korea Premium Index Has Declined Into Negative Values Recently As pointed out by an analyst in a CryptoQuant post, past instances of this trend have resulted in pullbacks for the [...]
The post Bitcoin Korea Premium Index Turns Red, Decline Incoming? appeared first on Crypto Breaking News.
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