- Bitcoin’s lower hash price suggested that it may approach a price base, which may indicate a rebound.
- Increasing active addresses and rising stock-flow ratio pointed to growing market confidence and scarcity.
Bitcoin [BTC]’S Recent movements in Hashprijs tailored to patterns from the past, which suggests that the cryptocurrency could approach a bottom. At the time of the press, Bitcoin traded at $ 80,101.35, with 7.67% in the last 24 hours.
Historically, lower hash -pricing periods agreed to meet Bitcoin’s price that is on the bottom, indicating that a potential rebound could be on the horizon.
While BTC tests these key levels, it raises the question – can this be an ideal accumulation phase before the next bullrun is?
Source: Cryptuquant
Bitcoin’s in/out of the money graph reveals interesting insights into the current market sentiment. A large part of BTC, around 75.30% (14.95 million BTC), remains “in the money”, which shows that most investors are still in profit.
However, 23.23% (4.61 million BTC) Bitcoin addresses are “outside the money”. This shows that although most Bitcoin holders remain profitable, the market is not without challenges.
BTC: The growing activity on the blockchain suggests …
The address statistics of Bitcoin offer further insights in the direction of the market. Active addresses have increased by 6.30% in the last 7 days, which reflects the growing participation in the Bitcoin network.
The pink line, which represents active addresses, shows a steady increase that closely reflects the price movements of Bitcoin. In the meantime, the number of zero balance addresses has risen by 24.78%, indicating that many new users keep Bitcoin active or trading instead of leaving their wallets.
This increase in activity, especially with the increase in new addresses (26.04% in the past week), suggests that market confidence is growing. This can lead to a price rebound if BTC continues to gain strength.
Source: Intotheblock
Breakout Vooruit? Show technical indicators …
The technical analysis of Bitcoin shows crucial support and resistance levels.
At the time of writing, BTC tested support at around $ 80.216, a level that previously seen previous price reactions. However, the downward trend line and the demolition of important support levels suggest that BTC is under pressure.
In addition, the stochastic RSI lecture of 2.23 indicates a sold -over state, which often precedes a price reverse. The Bollinger tires also point to a tightening pattern, indicating that volatility can increase soon.
These technical indicators suggest that BTC or this support level could bounce or further break down, depending on future market developments.
Source: TradingView
BTC shares-to-flow ratio: increasing scarcity of fuels …
Bitcoin’s stock-flow ratio has risen by 100% over the past 24 hours and reached to 2,1152 m. This indicates an increase in Bitcoin’s scarcity, because the speed of new delivery continues to fall.
The rising stock-flow ratio suggests that, although BTC is confronted with short-term price volatility, the long-term proposal remains intact.
While fewer BTC coins are introduced over time, the scarcity will raise the question and possibly push prices higher.
Source: Cryptuquant
Does Bitcoin prepare for a rebound?
Bitcoin is approaching a potential soil based on current analysis. The lower hash price, combined with increasing active addresses, indicates a potential price reputation.
Although technical indicators such as the stochastic RSI indicate a sold -up state, Bitcoin will probably experience an increased purchase activity. Scarcity continues to stimulate value.
