Bitcoin on-chain data flashes early signs of the BTC bottom being in

CRYPTO_NEWS BTC

BTC bulls aim to confirm $20,000 as support as fresh on-chain data begins to signal that the bottom might be in. 

 

While Bitcoin price support may be psychological for some traders, the statistics behind BTC remaining over $20,000 for a week are strong indicators of price support or, in other words, a new bear market floor. Multiple Bitcoin data points might be able to establish a $20,000 support level. 

 

Last week, Bitcoin reached a high of $20,961. However, it never sustained its upward momentum as the rally fizzled out, failing to break $21,000 support. As a result of the rally as well as the rejection, Glassnode, in its most recent report, analyzes whether or not Bitcoin is hammering out a bear market floor.

 

Realized price distribution

 

Bitcoin’s realized price charts the average cost buyers paid for their BTC holdings. If the price of Bitcoin goes below a user’s realized price, they are technically experiencing an unrealized loss. For visual effect, the UTXO Realized Price Distribution shows the percentage of supply distributed across the acquisition price.

The 2019 bear market shows that 30% of BTC’s total supply was concentrated within the realized price range. In April 2019, the price broke out above the realized price, signaling the start of a new bull market.

Source : cointelegraph.com/news/bitcoin-on-chain-data-flashes-early-signs-of-the-btc-bottom-being-in by Cointelegraph By Kyle White - November 01, 2022

Join our 60k+
tribe of Akters

Have any questions?

We're here to help.

Learn more

About the AKTIO coin

AKTIO is now live!

Learn more about the AKTIO coin

What’s new in the App?

We’re adding new features

Find out more about the App

Customer support

support@akt.io

+353 1 574 7382

Opening hours:

Monday to Friday: 9am - 5pm CET

Company

About

AKTIO coin

Careers

Learn

Blog

News

Glossary

AKT Academy

Help

FAQ

Sitemap

System Status

Follow our latest news

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata ICO Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata Pay Ltd, Reg number 12208424 and incorporated in the United Kingdom is the registered agent of Modulr FS Limited, a company registered in England with company number 09897919, authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573). Traditional currency will be safeguarded by a licensed bank in segregated accounts in accordance with regulatory requirements.

Automata Pay Europe Limited, Reg number 69028 and incorporated in Ireland is the registered agent of Modulr FS Europe Limited, a company registered in Ireland with company number 638002, authorised and regulated by the Central Bank of Ireland as an Electronic Money Institution (Institution Code C191242). Traditional currency is safeguarded as e-money in accordance with our regulatory obligations. Traditional currency will be safeguarded by a licensed bank in segregated accounts in accordance with regulatory requirements.

Automata ICO Limited, Reg number 690280 and incorporated in Ireland has applied for a Virtual Asset Service Provider registration with the Central Bank of Ireland. Whilst the application is ongoing we are permitted to continue business as a Virtual Asset Service Provider in line with the Central Bank of Ireland's regulatory disclosure statement as required under section 106L of the CJA 2010 in relation to registered VASPS. It is important to note that a registration as a VASP is a registration for Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) purposes only. While Automata ICO Limited does have certain financial crime control obligations under this registration, cryptoasset services remain largely unregulated. The Financial Ombudsman Service or the Financial Services Compensation Scheme do not apply to the cryptoasset activities carried on by Automata ICO Limited.