Bitcoin On Chain Data: Are we in a Bull or Bear Market?
The Bitcoin market is experiencing a strong recovery from the bear market of 2022, with the strongest quarterly returns since the all-time high of October 2021.
We take a look in this video at a number of on chain indicators to derive insights from the underlying blockchain data. From this we can attempt to decide if this is a genuine switch to a bull market or if we are looking at a bear market rally.
Several on-chain indicators support the notion of a favourable regime shift, The increased correlation between Bitcoin and Gold is a significant development that suggests a shift in investors' mindset towards sound money and risk management. A strongly positive correlation between 30-day, 90-day, and 365-day basis leaves no doubt that the two assets have been moving in tandem in terms of their price movements.
The cryptocurrency is currently in a somewhat neutral territory, trading above the foundation forming supply cluster between $16k to $25k, where a significant amount of Bitcoin volume changed hands. One positive sign is that much of this supply remains tightly held by those buyers, which suggests a long-term investment outlook and confidence in the market. Additionally, profits are being taken, as indicated by the Wallets of Coin Age (WoC) metric, which measures the age of coins being moved on the blockchain Another supportive factor is the improving network utilization, which indicates that more people are using the Bitcoin network for transactions and other activities. This is a positive sign for the overall health and growth of the network. All of these factors have contributed to the strong market performance of Bitcoin year-to-date. However, it's important to note that the cryptocurrency market can still be volatile and unpredictable, and investors should always exercise caution and do their own research before making any investment decisions
-
LIVE
Akademiks
2 hours agoYB sends message from Jail. Drake new song. Post Beef Report? Kendrick show in LA? YSL Trial wild!
6,687 watching -
LIVE
The StoneZONE with Roger Stone
2 hours agoIs a Retaliatory Russian Nuclear Sub Attack on U.S. Imminent? w/ Col. John Mills | The StoneZONE
468 watching -
LIVE
2 MIKES LIVE
2 hours ago2 MIKES LIVE #76 DEEP DIVE MONDAY!
619 watching -
DVR
WeAreChange
2 hours agoCuban Missile Crisis 2?! Russia Sends Nuclear Sub Off The Coast Of U.S.!
18.6K15 -
47:09
Candace Owens
3 hours agoUh-oh! I Got Fired. | Candace Show Ep 1
22.9K113 -
1:56:42
The Quartering
5 hours agoRussia Warships In Cuba, Candace Owens, Hunter Biden Trial, AOC FREAKOUT, Disaster For Dylan Mulvaney & Porch Pirates Get Worse
32.3K15 -
57:10
Kimberly Guilfoyle
8 hours agoBiden’s America Last Disaster and What We can do About it. Sen Tom Cotton, Candice Jackson & John Rourke | Ep. 133
36.7K55 -
1:43:44
Redacted News
5 hours agoRussia's Nuclear Warships ARRIVE in Cuba, U.S. in STRIKING distance | Redacted w Clayton Morris
104K198 -
14:55
SLS - Street League Skateboarding
4 days agoBest Trick Jam at SLS APEX 02 - Tyson Bowerbank, Yuto Horigome, Dashawn Jordan & more...
48.8K9 -
8:11
Vigilant News Network
7 hours agoCOVID “Vaccines” Hit By New Bombshell | Beyond the Headlines
32.1K24