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Bitcoin On-Chain Indicators Remain Bullish – Glassnode

The recent drop in Bitcoin price below $30K did not greatly affect the bullish on-chain indicators. This is the conclusion reached by Glassnode, listing the main bullish indicators of the upcoming rally.

So, Bitcoin’s adjusted spent output profit ratio (aSOPR) began to fall. This means that bitcoins moving between accounts, on average, are no longer sold at a profit.

Source: glassnode.com

Thus, for the ratio to fall even lower, investors must be willing to sell at a loss, which is unlikely given the current market conditions, Glassnode said. Experts believe that resetting the odds is a prerequisite for the next bullish rally.

Blockchain is the head

Meanwhile, Bitcoin’s NUPL is set to break through the green “belief” range and enter the blue “euphoria” range.

Source: glassnode.com

The entry of NUPL blockchain indicators into the blue range often signals a global peak (highlighted in red circles). Some investors may think that bitcoin has reached its peak. However, if you take a closer look, it becomes clear that NUPL has not yet hit the blue range at its peak earlier this month (green circles).

Analysts at Glassnode note that the ratio’s activity reminds them of mid-2017. After that, Bitcoin managed to grow by more than 900%.

Whales are devouring Bitcoin

The number of Bitcoin whales (wallets holding at least 1000 bitcoins) began to grow rapidly after surpassing its maximum of 2000 addresses at the end of December 2020.

“Since the beginning of the year, we have seen the creation of 185 new Bitcoin whales. In January alone, the growth was 11%, ”analysts say.

It is reported that the January gain was the fastest in the history of Bitcoin. This, according to Glassnode, indicates that smart money continues to buy up Bitcoin. The recent rise in over-the-counter (OTC) transactions suggests that institutions are part of this activity.

At around 9:45 GMT, the price of one bitcoin on Bitstamp was $31,723, down 4.74% in the last 24 hours.

If you have any questions and comments on Bitcoin today, use the form below to reply.


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source https://www.earnforex.com/commodities/bitcoin-on-chain-indicators-remain-bullish-glassnode/

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