The rebound will appear soon
Daily Trading Volume — Bitcoin
The daily trading volume has kept the up and down movement during the last week, the top was 323K and the bottom was 291K, continued having a slight increase in the entire situation. It shows the core value of Bitcoin and is the fundamental support for Bitcoin price, indicates the trend of the increase in BTC price.
Daily trading volumes- Ethereum
The Ethereum’s Istanbul Hard Fork has finished, the on-chain Ethereum transaction volume then went back to the normal range. The top was 635K, the bottom was 551K.
Daily Average Hashrate
The hashrate performance was stable, the top was 101.7EH/s, the bottom was 88.1EH/s, the newest was 98.6EH/s. Computing power (aka mining hashrate)is a key market metric as it illustrates the networks transaction demand. This has been on steady rise since last year, which lays the foundation for the value of Bitcoin.
Active & New Address
The number of active & new address had a stable performance last week, which was 691K on the top and 483K in the bottom.
USDT Premium Snapshot
USDT price hasn’t had a significant change during last week， few fund has entered in to the market for the bottom fishing.
Google Search Trend
Looking at the past-30 day google search trend for “Bitcoin”and related terms, we found that the global search for “BTC”was stable.
Fear & Greed Index (FGI)
FGI was 21, the fear sentiment has been mitigated. FGI looks at six different factors to score investor sentiment on a scale of zero to 100 — extreme fear to extreme greed respectively: market volatility (25%) + market momentum (25%) + social media trend (15%) + market survey (15%) + the ratio of Bitcoin in the market (10%) + Google Trend (10%).
Long/Short Position Ratio
The long/short position ratio is at 1.23, the newest was 1.19, the entire performance was in the balance, but it shows more sentiment to long.
In Conclusion
Currently there is no significant motivation for Bitcoin to decrease, thus the short-term trading may not exist, we need to pay attention in waiting for the increase. The time is the friend of the long position, since Bitcoin is now in the bottom situation of its fundamental indexes, the rebound will appear soon at any time.
