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News

Bitcoin Prints Conflicting Signals About The Next Bull Market, Says Analytics Firms

February 12, 2023 - Around 2 mins mins to read

Key Points:

  • Bitcoin continues to have a high connection with the S&P 500, which limits the chances of an upcoming bull run.
  • Messari, on the other hand, notes that Bitcoin moving averages recently materialized into a golden cross.
  • BTC’s HODLer net position change has reached a three-month high of 49,473.346 BTC.
According to measurements given by two independent crypto analytics businesses, Bitcoin (BTC) is sending inconsistent indications about when the next bull market will begin.

According to Santiment, Bitcoin continues to have a high connection with the S&P 500, which “limited the chances of an upcoming bull run.”

Bitcoin Prints Conflicting Signals About The Next Bull Market, Says Analytics Firms

Messari, on the other hand, observes that Bitcoin moving averages have just formed a golden cross. When an asset’s 50-day moving average crosses above its 200-day moving average, it is said to “historically presage strong returns” over six-month and one-year time frames.

Bitcoin Prints Conflicting Signals About The Next Bull Market, Says Analytics Firms

Messari, on the other hand, observes that BTC moving averages have just formed a golden cross. When an asset’s 50-day moving average crosses above its 200-day moving average, it is said to historically presage strong returns over six-month and one-year time frames.

At the time of writing, Bitcoin is trading at $21,824. The top-ranked crypto asset by market size has dropped 0.53% in the last 24 hours and nearly 7% in the previous week, but it is still up around 30% since the beginning of 2023.

Glassnode, another crypto analytics business, reports that BTC’s HODLer net position change has reached a three-month high of 49,473.346 BTC. HODLer Net Position Change tracks the monthly position change of long-term investors, indicating that they have spent the previous month collecting BTC.

According to Glassnode, the seven-day moving average of Bitcoin’s average transaction size reached a five-year high of 986.575 BTC on Friday.

Despite this year’s price advances, Bitcoin is still down more than 68% from its all-time high of roughly $69,000, which it reached in November 2021.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Thana

Coincu News

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Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.
News

Bitcoin Prints Conflicting Signals About The Next Bull Market, Says Analytics Firms

Key Points:

  • Bitcoin continues to have a high connection with the S&P 500, which limits the chances of an upcoming bull run.
  • Messari, on the other hand, notes that Bitcoin moving averages recently materialized into a golden cross.
  • BTC’s HODLer net position change has reached a three-month high of 49,473.346 BTC.
According to measurements given by two independent crypto analytics businesses, Bitcoin (BTC) is sending inconsistent indications about when the next bull market will begin.

According to Santiment, Bitcoin continues to have a high connection with the S&P 500, which “limited the chances of an upcoming bull run.”

Bitcoin Prints Conflicting Signals About The Next Bull Market, Says Analytics Firms

Messari, on the other hand, observes that Bitcoin moving averages have just formed a golden cross. When an asset’s 50-day moving average crosses above its 200-day moving average, it is said to “historically presage strong returns” over six-month and one-year time frames.

Bitcoin Prints Conflicting Signals About The Next Bull Market, Says Analytics Firms

Messari, on the other hand, observes that BTC moving averages have just formed a golden cross. When an asset’s 50-day moving average crosses above its 200-day moving average, it is said to historically presage strong returns over six-month and one-year time frames.

At the time of writing, Bitcoin is trading at $21,824. The top-ranked crypto asset by market size has dropped 0.53% in the last 24 hours and nearly 7% in the previous week, but it is still up around 30% since the beginning of 2023.

Glassnode, another crypto analytics business, reports that BTC’s HODLer net position change has reached a three-month high of 49,473.346 BTC. HODLer Net Position Change tracks the monthly position change of long-term investors, indicating that they have spent the previous month collecting BTC.

According to Glassnode, the seven-day moving average of Bitcoin’s average transaction size reached a five-year high of 986.575 BTC on Friday.

Despite this year’s price advances, Bitcoin is still down more than 68% from its all-time high of roughly $69,000, which it reached in November 2021.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Thana

Coincu News