Bitcoin Is at a Decision Point: On-chain Analytics

The-growth-of-bitcoin
  1. On-chain analytics reveal that Bitcoin is at a decision point.
  2. Bitcoin supply in profit and Bitcoin (SOPR) has grown a lot.
  3. Bitcoin’s price today is $22,737.28 with a 24-hour trading volume of $23 billion.

The On-chain and technical data suggest that Bitcoin is now at a crossroads where important decisions need to be made. Bitcoin is now trading below a long-term negative resistance level, and the level is currently being retested. 

If Bitcoin manages to push through this resistance, it will be the beginning of the end of the current downward trend. In such a case, the price will see another drop in the market.

Even so, there is still a question about what is going on in terms of Onchain. Miners and short-term investors, for example, have sold more:

Looking at the MPI and Bitcoin Miners Outflow charts, it is clear that more Bitcoin is leaving the wallets of miners, which means that they are selling more.

On the other hand, both Bitcoin supply in profit and Bitcoin: Short-Term Holder SOPR (SMA 7) has grown a lot. This means that short-term investors will make more money and may be able to sell more shares.

Crypto experts do not see the reserves of big hands growing. The Bitcoin reserves of exchanges have gone down, while the reserves of banks haven’t changed much. Miners’ reserves are hence going down, which means they haven’t decided for sure that the long-term trend has changed yet.

Short-term investors and miners will sell at this point to stop the price increase. Therefore, investors have to wait and see if the bulls or the bears will win this fight.

In the same vein, Bitcoin’s price today is $22,737.28 with a 24-hour trading volume of $23 billion. Bitcoin is down 0.61% in the last 24 hours with a live market cap of $438,145,361,979 according to data from Coinmarketcap.

Read Also :

Tags:
disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer