Bitcoin, Ethereum, and other altcoins are showing signs of impending price action
According to MVRV Divergence, an on-chain analytics company sanitary suggests that Bitcoin, Ethereum and other altcoins are currently “short buying”.
one of @santimentfeedThe most popular metric, MVRV, indicates that short-, medium-, and long-term trading returns are in the “pain” range, which historically heralds impending price moves. It is more difficult to determine when this change will occur. pic.twitter.com/65s1EPITTA
— Mood (@santimentfeed) July 2, 2022
According to the on-chain analytics firm, these crypto assets have reached historical MVRV levels where a price change can be expected to mitigate current losses, although it is difficult to predict when that will happen.
According to Glassnode, multiple bottoming signals are currently lit for Bitcoin. However, given the current macroeconomic environment, all models and historical precedent can be tested to determine a bear market bottom for Bitcoin.
Although all bitcoin macro indicators, from technical to on-chain, are all-time lows and coincide with the development of bear market bottoms in previous cycles, they are still pointing to bear market bottoms at this point. It’s tough.
Typically, trading volume is at its highest when the market is giving up, and such giving up leads to the formation of large lows.
This weekly chart contains total Bitcoin volume for most BTC pairs (spot and perpetual across all exchanges).
Volume hit its all-time high two weeks ago. pic.twitter.com/6ONLibQiL2
— alex krueger (@krugermacro) July 2, 2022
Crypto analyst and economist Alex Krueger believes Bitcoin could have given up during the market crash two weeks ago. The analyst highlighted the fact that the trading volume peaked at this point, indicating capitulation and forming a clear bottom.
113,884 BTC bought by retailers in 2022
Small holders continue to accumulate aggressively $BTC
Address owner < 1 $BTC Contribute to their balance at a remarkable rate in 2022.
Since January 1st, they have added 113,884 BTC.
— InTheBlock (@intheblock) July 1, 2022
Smaller bitcoin holders are still depositing aggressively, according to on-chain analytics firm IntoTheBlock. BTC addresses with less than 1 BTC are accumulating their holdings at an impressive rate, adding 113,884 BTC in 2022.
Corresponding glass knot Data recently saw this group of holders rally to a new high. According to the blockchain data company, there are currently 3,662,897 addresses that contain more than 0.1 bitcoin.
Bitcoin is trading at $19,274 at press time.