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.
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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.
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.
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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.
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 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.
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