This indicator signaled Bitcoin's bottom in its two most recent bearish cycles and now flashes again $BTC BTC
According to Glassnode, after reaching a peak of $69,000 in November 2021, the Bitcoin market has gone through two different capitulation phases. The first phase was triggered by the Luna Foundation Guard force selling over 80,000 BTC, and the second occurred two weeks ago during the market-wide slump.
, a crypto-analyst and economist, also believes that Bitcoin might have capitulated during the market downturn two weeks ago. The analyst cited the fact that trading volumes peaked at this time, signaling capitulation, which produces significant bottoms.The formation of the bear market floor in prior cycles is consistent with the current state of the macro indicators for Bitcoin, ranging from technical to on-chain, which are at all-time lows.
The on-chain analytics firm observed these large entities have been rapidly increasing their balance, buying 140,000 BTC from exchanges each month. They have thus increased their balance to over 8.69 million BTC, or 45.6% of the BTC supply. As reported by U.Today, retail holders or addresses with less than 1 BTC added 113,884 BTC to their holdings in 2022.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin indicator that nailed all bottoms predicts $15.6K BTC price floorBTC price action still has room to fall, according to one impressive Bitcoin price metric.
Read more »
More than 670 pounds of illegal fireworks collected at buyback event in Mission HillsAbout 673 pounds of illegal fireworks were collected during the city of Los Angeles' second annual fireworks-buyback event in Mission Hills, a 31% increase over last year's event.
Read more »
After two comebacks, Phillies can’t rally a third time Saturday against the CardinalsA day after hitting for the cycle, Nolan Arenado again helped the Cardinals make history when he hit the first of four consecutive homers in the first inning.
Read more »
Bitcoin Forecast: July 2022Bitcoin gets ready to close the curtain on another poor month of performance as it sunk to lower depths again, and continues to test the willpower.
Read more »
Ukraine War: Lysychansk, the last remaining Eastern stronghold, could soon fall, Zelenskyy advisor predictsAn advisor to Ukraine President Volodymyr Zelenskyy has predicted Lysychansk, the last remaining stronghold in Luhansk, could soon fall to Russian forces. Russia's military previously captured its sister city Sievierodonetsk.
Read more »
Report: Phoenix Suns reach deal to keep Bismack BiyomboBiyombo joined the Suns last January during their record-setting 64-win season.
Read more »