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