Is Bitcoin Price Really In Bull Market? Glassnode Data Suggest Otherwise

Bitcoin bulls are waning and bearish sentiment is choosing up within the crypto market. The worry and greed index clearly signifies traders’ sentiment falling from a Might excessive of 65 (greed) to 48 right now.

Macro components stay the first purpose behind that weakening Bitcoin value rally to $30,000 this month. Additionally, US Fed Chair Jerome Powell’s speech on Friday fails to offer a transparent path and charge hike potentialities sooner or later. Whereas President Joe Biden and Republicans are hopeful about avoiding the debt ceiling disaster, different points live on.

CME FedWatch Instrument indicates a chance of a 25 bps charge hike in June, whereas DXY rises and the roles market stays tight.

Additionally Learn: US Fed, ECB, BOE Officers Calls For Extra Charge Hikes, Bitcoin Value To Fall?

Regardless of Bitcoin value recovering 75% this yr, the bull market situations stay weak. In keeping with Glassnode, the total switch quantity moved on the Bitcoin community has declined to a present worth of $2.73 billion per day. The community throughput fell 79% from its peak of $13.1 billion throughout the bull market in 2021.

Bitcoin Total Transfer Volume
Bitcoin Complete Switch Quantity. Supply: Glassnode

The query now’s whether or not the latest consolidation we’re seeing will find yourself in a brand new low, which can counsel decrease costs. Consultants predict a drop effectively under the 200-WMA to the essential help of $24,800.

Additionally Learn: Bitcoin (BTC) Value At “Inflection Level”, Large Transfer Occurring In Cardano (ADA)

Will Bitcoin Value Breakout From Consolidation

In an earlier report by CoinGape Media, we detailed how whales and miners are promoting their holdings amid a latest flip of occasions. It will put further promoting stress on BTC value.

See also  Blur NFT Marketplace Surges in Volume and Market Share, Rivaling Industry Leader Opensea

Standard analysts CredibleCrypto and Michael van de Poppe predict the consolidation is most definitely over and BTC value ought to transfer greater. Nevertheless, it’s essential to contemplate the 50-moving common and Bollinger bands indicating a weak chart sample.

Bitcoin price
Bitcoin value

Bitcoin is vary sure, with $27,640 as resistance and $26,340 as help. The path of the BTC development will solely be decided by a transparent shut outdoors this space.

Additionally Learn: Ledger Co-Founder Clarifies On Backdoor and Safety Threat In Open Supply

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button