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Market

Is Bitcoin $ 69,000 the high point? Look at the chain

November 15, 2021 - Around 2 mins mins to read

Bitcoin has continued to hover around the $ 62,000- $ 65,000 threshold in the past few days. Altcoins don’t have a lot of volatility either. The Taproot Update Bitcoin event succeeded at block 709,632.

Bitcoin is very rarely updated and has been the leading cryptocurrency market leader for many years. The previous update was Segwit from 2017. Over the years, Bitcoin has remained the largest coin in terms of both market cap and community. So every update takes time and Bitcoin prioritizes security.

Bitcoin price, after hitting a new high of $ 69,000, has corrected itself on the downside. However, according to on-chain data, we haven’t seen the top of the market yet. The NUPL indicator in the red area has not yet entered the blue peak signal area. Even so, the BTC win rate remains high over 96.8%

Is Bitcoin 69000 the high point Look at the

The RHODL display is still far from the red upper signal range.

1637005498 70 Is Bitcoin 69000 the high point Look at the

Similar to the Puell Multiple, Market Cap To Thermocap and Pi Cycle Top indices, there are no signs of a peak either.

A graph of investors’ long-term and short-term BTC movement shared on CryptoQuant. In this stock, we see long-term investors (blue line) showing no signs of BTC moving even though it has made new highs. Long-term investors have signs that BTC (orange line) is moving up. Much of the recent BTC price movement is believed to have come from short-term investors.

1637005499 421 Is Bitcoin 69000 the high point Look at the

Another analysis of the value of BTC moving in the network (blue line-lower picture) is great, but does not increase with regular exchanges. According to the crypto splitter, these could be whales acquiring crypto through external OTC transactions.

1637005499 472 Is Bitcoin 69000 the high point Look at the

Bitcoin deposits and withdrawals on the exchanges on the weekend didn’t have much movement either. The long-term trend of Bitcoin remains less and less on the stock exchanges. In the short term, from the beginning of November until today, the amount of BTC on the exchanges has been unchanged.

1637005499 828 Is Bitcoin 69000 the high point Look at the

In general, Bitcoin has made a new high and corrected slightly, but we haven’t seen a top sign yet. It is still expected that the market will continue to grow and reach new highs as forecast. With more on-chain data, we also have a better perspective on the market.

 

â–º synthetic

#Bitcoin

crypto

On the chain

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
Market

Is Bitcoin $ 69,000 the high point? Look at the chain

Bitcoin has continued to hover around the $ 62,000- $ 65,000 threshold in the past few days. Altcoins don’t have a lot of volatility either. The Taproot Update Bitcoin event succeeded at block 709,632.

Bitcoin is very rarely updated and has been the leading cryptocurrency market leader for many years. The previous update was Segwit from 2017. Over the years, Bitcoin has remained the largest coin in terms of both market cap and community. So every update takes time and Bitcoin prioritizes security.

Bitcoin price, after hitting a new high of $ 69,000, has corrected itself on the downside. However, according to on-chain data, we haven’t seen the top of the market yet. The NUPL indicator in the red area has not yet entered the blue peak signal area. Even so, the BTC win rate remains high over 96.8%

Is Bitcoin 69000 the high point Look at the

The RHODL display is still far from the red upper signal range.

1637005498 70 Is Bitcoin 69000 the high point Look at the

Similar to the Puell Multiple, Market Cap To Thermocap and Pi Cycle Top indices, there are no signs of a peak either.

A graph of investors’ long-term and short-term BTC movement shared on CryptoQuant. In this stock, we see long-term investors (blue line) showing no signs of BTC moving even though it has made new highs. Long-term investors have signs that BTC (orange line) is moving up. Much of the recent BTC price movement is believed to have come from short-term investors.

1637005499 421 Is Bitcoin 69000 the high point Look at the

Another analysis of the value of BTC moving in the network (blue line-lower picture) is great, but does not increase with regular exchanges. According to the crypto splitter, these could be whales acquiring crypto through external OTC transactions.

1637005499 472 Is Bitcoin 69000 the high point Look at the

Bitcoin deposits and withdrawals on the exchanges on the weekend didn’t have much movement either. The long-term trend of Bitcoin remains less and less on the stock exchanges. In the short term, from the beginning of November until today, the amount of BTC on the exchanges has been unchanged.

1637005499 828 Is Bitcoin 69000 the high point Look at the

In general, Bitcoin has made a new high and corrected slightly, but we haven’t seen a top sign yet. It is still expected that the market will continue to grow and reach new highs as forecast. With more on-chain data, we also have a better perspective on the market.

 

â–º synthetic

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