Three indicators on the chain indicate that bitcoin selling is coming to an end, and the bull market may continue

Cointegraph Chinese 2021-06-18 18:49:25 阅读数:38

indicators chain indicate bitcoin selling

author :YASHU GOLA

5 month 19 Japan , Bitcoin in Coinbase The price on the Internet is from 4.26 Ten thousand dollars fell to 3 Thousands of dollars , Then bitcoin entered the consolidation phase . Bitcoin quickly regained its lost ground , Take back 4 Thousands of dollars , But it failed to record a significant bullish breakthrough above this resistance level , At the time of writing , Prices are still under pressure 40000 Below US dollar . 

The price of bitcoin market has been fluctuating recently , Traders don't show clear short-term tendencies . Some analysts predict , If BTC/USD The price can't break through 40000 dollar , It is likely to fall to 20000 dollar . 

Interestingly , Some indicators on the chain tell us a different story . One of the most interesting topics to keep bitcoin's bullish tendencies unchanged is to see long-term holders and accumulated addresses hoarding more in the recent price drop BTC. 

Besides , One is called “ After bitcoin entity adjustment SOPR”( The output margin spent ) The results show that , Bitcoin sold in the market as a whole is no longer losing money . 


After bitcoin entity adjustment SOPR  source :Glassnode meanwhile , The data on the chain shows , The reserves of the exchange have fallen , This is a signal , Indicates that traders have transferred their digital assets to cold wallets , Or deposit DeFi Liquidity pool , In order to get a richer return . 

Although the short-term view may be bearish , But the following three indicators on the chain suggest , The price of bitcoin may be bottoming out and rebounding . 

The currency : Spent output age band  

The correction in bitcoin prices has led to three reactions in the spot market . The first is panic selling by short-term traders , They sell bitcoin to reduce losses , Maybe it's because they bought the cryptocurrency close to the high . 

The second reaction is that the holder decides to hold his bitcoin supply . They do it through supportive macroeconomic fundamentals —— Such as ultra-low interest rates 、 Low yields on government bonds 、 Inflation concerns and the fall of the dollar —— Showing a long-term belief that the bitcoin is bullish , This makes hedging assets like bitcoin seem attractive to holders .

The best way to create wealth with bitcoin is boredom . Two quick 、 Simple steps .

1. Buy

2. hold

It's really that simple .

— Paul McNeal #BTC100K (@_CryptoCurator) 2021 year 5 month 28 Japan

The third reaction is a mixture of the holder and the hoarder , Traders use bitcoin prices to fall , With “ discount ” Buy more cryptocurrency . 

Various indicators on the chain show that , During the price crash , There is a huge contrast between the reserves of bitcoin held by short-term holders and long-term holders . 

for example , Below “ The currency : Output age spent ” In the chart , The amount of bitcoin sold last week is more between a day and a week . These coins keep coming in and out of the market , It accurately reflects the large fluctuation of market price last week . Cost output age (Spent Output Age Bands) Provides the age distribution of bitcoin spent on a certain day .


Glassnode Bitcoin has been spent in the output age range , Press 7 Day moving average calculation  

source :Glassnode

  meanwhile , After the recent price crash ,1 to 3 Monthly sum 3 to 6 Bitcoin, which has not been spent for three months, has also changed its address . 

Glassnode Hold... In your wallet 1-6 Six months of bitcoin traders in 5 We'll move it in June  

source :Glassnode

  The other is called “ The currency : Total supply held by long-term holders ” Of Glassnode Indicators show , Long term holders —— Entities that have held bitcoin for more than six months —— Become the biggest beneficiary of short-term holders selling tokens . 

Glassnode stay 5 In the fall of the month , The supply of bitcoin held by long-term holders is increasing

source :Glassnode 

Morgan Creek co-founder 、Pomp The founder of the investment company Anthony Pompliano In the weekly report to the client, he said :

Long term holders are adding positions , Short term holders are selling , Some of the short-term supporters have now reached this target 155 The doorsill of heaven , Now it's into a long-term supporter .

This difference points to the long-term stability of bitcoin prices , Because more and more serious holders have taken a stand on the ongoing macroeconomic crisis . 

The bitcoin balance on the exchange is down  

In the past 7 In the day , Net reserves of bitcoin held by cryptocurrency exchanges have also declined , This shows that fewer and fewer traders now want to sell their bitcoin Holdings . 

This indicator points to a typical trading behavior . Traders only want to sell bitcoin for legal money or use bitcoin for other digital assets , To put bitcoin in the exchange's wallet . therefore , Bitcoin reserves on trading platforms are rising . 

Glassnode The exchange's bitcoin reserves were in the past 7 It's reduced in a few days 14207 BTC 

source :Glassnode 

contrary , a large number of BTC The withdrawal reflects the trader's decision to hold cryptocurrency . This means that bitcoin will not face immediate selling pressure in the spot market , This is also Glassnode Recent data shows that . 

Bitcoin accumulates addresses and balances up   The total number of accumulated addresses and the balance in these wallets are rising . Accumulated address means that at least two... Have been received BTC transaction , But never moved the asset out of the address . 

Glassnode The confident bitcoin bull market continues to accumulate in the fall of price  

source :Glassnode

  In the past seven days , The number of these cumulative product addresses is increasing , Added 7430 A new wallet . 

The other is called “ The currency : The balance is 0.01 - 0.1 The amount of supply held by the entity ” The indicators of , During a period of falling prices , New users enter the bitcoin network . Besides , The balance is in 0.001 BTC and 1 BTC Between the addresses held by the supply also increased synchronously , It shows the steady growth of retail interest . 

Glassnode When bitcoin prices fall , hold 0.01-0.1 BTC My wallet BTC Supply will soar  

source :Glassnode

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