Search Engine Loud
No Result
View All Result
Thursday, June 8, 2023
  • Login
  • Home
  • Startups
  • Blockchain
  • NFT
  • Metaverse
  • Industry 4.O
  • News
subscribe
  • Home
  • Startups
  • Blockchain
  • NFT
  • Metaverse
  • Industry 4.O
  • News
subscribe
Search Engine Loud
Home News

On-chain Indicators Scream Bitcoin Bull Market as the BTC Price Roars Back

by poshak walia
March 17, 2023
in News
0
On-chain Indicators Scream Bitcoin Bull Market as the BTC Price Roars Back
154
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

The world’s most valuable cryptocurrency, Bitcoin, recently had a recovery that saw it reach a new nine-month high in the mid-$26,000 range on Tuesday. A number of important technical and on-chain indicators have also recovered and are once again sending a positive BTC signal.

Even though the price of Bitcoin has once again fallen below $25,000 as of the Wednesday Asia Pacific session, BTC is still up over 27% from its lows of mid-$19,000 last week.

At the moment, the price was being affected by worries over a string of high-profile bank failures involving cryptocurrencies, startups, and IT.

Bulls, however, vigorously defended important long-term levels like the 200 DMA and Realised Price (both in the $19,700-800 zone). Then, rumours that US regulators will take action to 1) safeguard depositors and 2) launch a fresh $25 billion bank liquidity programme to improve balance sheets helped drive Bitcoin higher over the weekend.

Other important narratives driving the rally are: 1) the notion that concerns about financial stability make further Fed tightening much less likely; and 2) the notion that concerns about financial stability increase demand for Bitcoin, which stands for an alternative, decentralised financial system.

The tenacious defence of Bitcoin’s 200 DMA and Realised Price has also contributed to the rally’s growing confidence. After exhibiting some symptoms of weakness the previous week, the most recent rise has caused several important on-chain metrics to start trending positively.

Recovering From A Bitcoin Bear

The “Recovering from a Bitcoin Bear” dashboard from Glassnode keeps track of eight indicators to determine whether Bitcoin is trading above important pricing models, whether network utilisation momentum is rising, whether market profitability is returning, and whether the overall USD-denominated Bitcoin wealth is tilted in favour of long-term HOLDers.

A few months ago, the 30-Day SMA of new Bitcoin address creation crossed the 365-Day SMA, indicating an increase in the pace of new Bitcoin wallet formation. Historically, this has happened when bull markets first began.

The indicator that changed direction on Wednesday was Revenue From Fees Multiple, which then changed direction again on Thursday. The number of standard deviations above or below the mean of a data sample is known as the Z-score. The amount of standard deviations above or below the mean Bitcoin Fee Income over the last two years is what makes up Glassnode’s Z-score in this case.

Analysis of Bitcoin Market Cycles Also Give Reason to be Bullish

The previously mentioned positive change in Bitcoin’s on-chain trends coincides with other, more frequently cited so-called “core” on-chain metrics, such as the number of active addresses, the number of addresses with a non-zero balance, the rate of new address creation, and the number of daily transactions, all of which have been trending positively and are indicative of growing demand to use the Bitcoin blockchain.

Summary

LBM Solutions is the best crypto token development company. Our team of experts has years of experience in the blockchain and cryptocurrency industries, and we are constantly exploring new ways to leverage these technologies to benefit our clients. Whether you’re a seasoned investor or just getting started, we have the tools and expertise you need to succeed.

So why wait? Contact LBM Solutions today to learn more about how Bitcoin can help you achieve your financial goals. Whether you’re looking to build your wealth, diversify your portfolio, or simply explore the exciting world of cryptocurrency, we’re here to help you every step of the way.

(Visited 11 times, 1 visits today)
Tags: BitcoinCrypto tokencrypto token developmentcrypto token development company

Related Posts

Bitcoin Price Prediction as Digital Asset Firm CEO Says He’s “More Bullish Now Than I’ve Ever Been” – Bitcoin to $100,000 This Year?

May 15, 2023

New Filing Reveals Trump Earned Up to $1 Million from NFT Sales – Here’s What You Need to Know

April 17, 2023

Bitcoin Price Prediction as $10 Billion Trading Volume Comes In – Where is BTC Heading Now?

April 17, 2023

Ethereum’s Shanghai Upgrade Is Complete, Starting New Era of Staking Withdrawals

April 13, 2023

Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, and NFTs: April 

April 13, 2023

Byepix Metaverse provides endless possibilities, from building virtual homes and businesses to exploring new worlds.

April 13, 2023
  • Trending
  • Comments
  • Latest

Ethereum’s Goerli Testnet is Now Live with Scroll’s zk-EVM Layer 2

March 3, 2023

ChatGPT Saved Rs 90 Lakh by Writing a “Scary” Email to Ghosted Consumers!

April 17, 2023

Listed Crypto Company Robinhood Receives SEC Subpoena For An Investigation

March 3, 2023

A Detailed Guide: White Label Crypto Exchange

0

Future of Web 3.0 in Banking Sector

0

Web 3.0 vs. Metaverse: What’s the difference?

0

Bitcoin Price Prediction as Digital Asset Firm CEO Says He’s “More Bullish Now Than I’ve Ever Been” – Bitcoin to $100,000 This Year?

May 15, 2023

New Filing Reveals Trump Earned Up to $1 Million from NFT Sales – Here’s What You Need to Know

April 17, 2023

Bitcoin Price Prediction as $10 Billion Trading Volume Comes In – Where is BTC Heading Now?

April 17, 2023

Recent Posts

Bitcoin Price Prediction as Digital Asset Firm CEO Says He’s “More Bullish Now Than I’ve Ever Been” – Bitcoin to $100,000 This Year?

May 15, 2023

New Filing Reveals Trump Earned Up to $1 Million from NFT Sales – Here’s What You Need to Know

April 17, 2023

About Us

  • Home
  • Startups
  • Blockchain
  • NFT
  • Metaverse
  • Industry 4.O

Our Categories

  • Blockchain
  • Industry 4.O
  • Metaverse
  • Startups
  • NFT

Please Subscribe

  • Home
  • News
  • Contact
  • Privacy Policy
  • Blogs

© 2023 Search Engine Loud

  • Home
  • Startups
  • Blockchain
  • NFT
  • Metaverse
  • Industry 4.O
  • News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In