New data from the market information company Glassnode suggest that Bitcoin (BTC) is in the middle of a strong battery phase.
Glass node out That investor activity on both the best US crypto exchange coinbase and the world’s top exchange Binance indicates a growing demand for Bitcoin.
“Off-chain spot flows were also positive, in which Coinbase saw intense net purchasing pressure and finishes binance sales pressure cooling. This indicates that the behavior of ‘buy-the-dip’ behavior remains dominant about the two major fairs.”
Glassnode also says that the cumulative volume delta (CVD), an indicator that aims to recognize divergences by comparing volume for a certain period of time, has been strengthened on Coinbase and Binance.
“Since mid-April, Coinbase has experienced a regime of consistent net purchasing, with CVD that is a peak of +$ 45 million a day a day, tailored to the market higher. Binance markets have, on the other hand, switched from an intense net sales pressure of $ 71 million in the middle of the age of a lot of age in the middle of the age of a lot of age in a Milderable Age of Age of Age of Age from the age of a long-standing one from the Age of Age in a Mid-Afvaarde, a Mid-Mid-Mid-Mid-Mid-Mid-Mid-Midder. The sale. “
According to Glassnode, an important support range has now been formed between $ 93,000 and $ 95,000 based on buying trends in the last 30 days.
“This zone is likely to act as a strong level of support in the case of each withdrawal in the short term, which represents a demand zone where investors will probably see value again.”
Glassnode says that one metric that can determine whether the market remains Bullish, the short -term holder (STH) offer in the profit/loss ratio, which follows the average price with which investors who have kept their BTC for less than 155 days have acquired their coins.
The ratio is more than 9, which means that more than 90% of the STH offer is in profit.
“As long as this ratio remains far beyond the balance level of 1.0, Bullish Momentum remains intact. Likewise, any persistent decrease below this level would indicate a meaningful shift in market strength and possible trend expressing.”
Glassnode also says that the Futures market is not fully adapted to the latest Koopspree.
“However, the derivatives markets seem to catch up, with open interest and financing percentages that are still fully in accordance with the upward momentum in spot markets. Options market positioning reflects a careful but optimistic outlook, while there are currently few signs of excessive long leverage in futures markets.”
Bitcoin acts for $ 104.191 at the time of writing, an increase of 1% in the day.
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Featured image: Shutterstock/Bisams/Nikelser Kate