ON-CHAIN Analysis — Bitcoin #8
Bitcoin’s market cap is $735.21 billion. The 1-week volume of BTC is $326.18 billion.
Whales holding between 1,000 and 10,000 BTC have increased to 204444 as of Feb 24. are expecting an increase in the price of Bitcoin.
Therefore, in the long term for BTC it will remain faithfully bullish, what if the outlook from the technical outlook at $45,510.
That is supporting this short-term drop in Bitcoin price is the 30-day Market for Realized Value (MVRV) indicator. This indicator is used to measure the average profit/loss of investors who bought BTC in the past month.
Any value from -10% to -15% is termed as an “opportunity zone” as long-term holders are in profits and are less likely to sell while long-term holders accumulate. Thus, a local bottom is often formed around these levels.
For BTC, however, the index is paired around -7.1%, which is just above the first local bottom at -11% This dip is usually where the local bottom is formed, but there are a few times when the BTC dropped to -18.7%. Therefore, there is a good chance that the price of Bitcoin will drop to these levels again, which aligns well with an outlook described from a technical point of view.
Bitcoin: Exchange Netflow (Total) — Shows that it continues to exit coins from exchanges. Increasing outflow from exchanges is mostly a bullish signal and increasing inflow to exchanges is mostly a bearish signal.
Regardless of the short-term bearish expectation, the major cryptocurrency is poised for a trend reversal. However, if bears take control and push BTC down and take BTC down is important.
In this situation, BTC market makers will take BTC and can be presented below as sell stops at the $30.00 level.
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