Bitcoin metrics ‘improve bullish odds’ as BTC price holds 200-week trendline
Crypto market prediction
Bitcoin (BTC) has been consolidating between the 200-week simple moving average (SMA) and 200-week exponential moving average (EMA) since mid-August. This has led to some uncertainty among traders, with some Crypto market prediction a breakout to the upside and others predicting a breakdown to the downside.
However, recent on-chain metrics have shown some promising signs for Bitcoin bulls. One such metric is the short-term holder realized price (STHRP), which is the aggregate on-chain price at which coins owned by younger investors last moved. The STHRP is currently around $26,900, and it has a history of acting as support for the Bitcoin price.
Another promising metric is the number of active addresses on the Bitcoin network. This metric has been increasing steadily in recent months, suggesting that more and more people are using Bitcoin.
Overall, the on-chain metrics suggest that the Bitcoin bulls may have the upper hand in the coming weeks and months. However, it is important to note that technical analysis is not a perfect science, and there is always the possibility of a breakout to either the upside or downside.
Crypto stock price
The Crypto stock price has been relatively flat in recent weeks, trading between $27,000 and $29,000. However, the recent on-chain metrics suggest that there could be some upside potential in the near term.
If Bitcoin is able to break above the 200-week EMA, it could open up the door to a move towards the $30,000 level. On the downside, the 200-week SMA is currently acting as support, so a breakdown below this level would be bearish.
Crypto markets news
In recent weeks, there has been a lot of news about the cryptocurrency markets. One of the biggest stories is the collapse of the TerraUSD (UST) stablecoin and the Luna (LUNA) cryptocurrency. This event has led to a loss of confidence in stablecoins and has caused investors to be more cautious about the cryptocurrency market as a whole.
Another big story is the ongoing regulatory scrutiny of the cryptocurrency market. In the United States, the Securities and Exchange Commission (SEC) is investigating several cryptocurrency companies, and there is a growing risk that the government could impose stricter regulations on the industry.
Despite the recent negative news, there are still some positive developments happening in the cryptocurrency market. For example, the adoption of Bitcoin and other cryptocurrencies is continuing to grow, and there is a lot of innovation happening in the space.
Crypto markets today
The cryptocurrency markets are down slightly today, with Bitcoin trading at around $28,000. Ethereum is trading at around $1,700, and the overall market capitalization is around $1.1 trillion.
There is no major news driving the market today, but it is worth noting that the S&P 500 is also down slightly. This suggests that the cryptocurrency market is still correlated with the traditional stock market.
Live cryptocurrency prices
The following are the live cryptocurrency prices of the top 10 cryptocurrencies by market capitalization:
| Rank | Cryptocurrency | Symbol | Price | |—|—|—|—|—| | 1 | Bitcoin | BTC | $28,000 | | 2 | Ethereum | ETH | $1,700 | | 3 | Tether | USDT | $1.00 | | 4 | USD Coin | USDC | $1.00 | | 5 | Binance Coin | BNB | $280 | | 6 | Solana | SOL | $35 | | 7 | Cardano | ADA | $0.45 | | 8 | Avalanche | AVAX | $20 | | 9 | Dogecoin | DOGE | $0.07 | | 10 | Terra | LUNA | $0.0002 |
Crypto market cap
The total market capitalization of the cryptocurrency market is currently around $1.1 trillion. This is down from the peak of over $3 trillion in November 2021, but it is still a significant amount of money.
The top 10 cryptocurrencies by market capitalization account for over 70% of the total market cap. This suggests that the cryptocurrency market is still relatively concentrated.
What are on-chain metrics?
On-chain metrics are data that is derived from the Bitcoin blockchain. This data can be used to analyze the activity of Bitcoin users and to track the overall health of the Bitcoin network.
Some of the most common on-chain metrics include:
Active addresses: The number of unique Bitcoin addresses that have been active in a given period of time.
Transaction volume: The total amount of Bitcoin that has been transferred in a given period of time.
Hash rate: The amount of computing power that is being used to mine Bitcoin.
Difficulty: The measure of how difficult it is to mine Bitcoin.
Supply: The total amount of Bitcoin that has been mined.
How can on-chain metrics be used to predict the future price of Bitcoin?
On-chain metrics can be used to predict the future price of Bitcoin by analyzing the behavior of Bitcoin users. For example, if the number of active addresses is increasing, it suggests that more people are using Bitcoin, which is a bullish sign.
Similarly, if the transaction volume is increasing, it suggests that more Bitcoin is being used for transactions, which is also a bullish sign.
What do the current on-chain metrics say about the future price of Bitcoin?
The current on-chain metrics are suggesting that the Bitcoin bulls may have the upper hand in the coming weeks and months.
For example, the number of active addresses has been increasing steadily in recent months. Additionally, the transaction volume has also been increasing.
These metrics suggest that more people are using Bitcoin and that the Bitcoin network is becoming more active. This is a bullish sign for the future price of Bitcoin.
What are some of the risks to consider?
While the on-chain metrics are suggesting that the Bitcoin bulls may have the upper hand, there are still some risks to consider.
One risk is that the overall market sentiment could turn negative. If this happens, it could lead to a sell-off of Bitcoin, even if the on-chain metrics are positive.
Another risk is that there could be a technical issue with the Bitcoin network. This could also lead to a sell-off of Bitcoin.
Overall, the on-chain metrics are suggesting that the Bitcoin bulls may have the upper hand in the coming weeks and months. However, investors should always be aware of the risks involved in investing in Bitcoin.
Additional thoughts
In addition to the on-chain metrics mentioned above, there are a few other factors that investors should consider when making investment decisions about Bitcoin.
One factor is the overall macroeconomic environment. If the global economy is doing well, it is likely that the Bitcoin price will also do well. However, if the global economy is doing poorly, it is likely that the Bitcoin price will also suffer.
Another factor to consider is the regulatory environment for Bitcoin. Governments around the world are still struggling to regulate Bitcoin, and there is a risk that new regulations could be introduced that could have a negative impact on the Bitcoin price.
Overall, Bitcoin is a high-risk investment. However, it is also a high-reward investment. Investors who are considering investing in Bitcoin should carefully consider all of the risks and rewards involved before making a decision.
