- Bitcoin’s long-term holder SOPR hit 1, indicating average sells at break-even
- Analysis of BTC’s key metrics and patterns suggested the bull run is still on.
Bitcoin’s [BTC] recent price action and on-chain metrics are crucial for understanding market sentiment, given its position as the cryptocurrency with the largest market cap.
The Long-term Holder SOPR that tracks Bitcoin transactions by those who’ve held BTC for over 155 days is a key metric. When the SOPR’s value is above 1, it indicates profits, while a value below 1 signals losses.
After the most recent Bitcoin price drop, the SOPR hit 1, meaning many traders sold at break-even – A sign of market caution.
Source: CryptoQuant
Bitcoin [BTC], which had previously surged to $62k, is now trading below this level due to massive liquidations around the aforementioned level.
BTC’s broadening wedge at critical support level
Right now, Bitcoin’s price action in the BTC/USDT pair is advancing within a broadening wedge pattern. This is typically a consolidation phase, signaling the calm before a potential market move.
This pattern is sitting at a critical support level, with accumulation continuing as traders remain skeptical about Bitcoin’s potential for an upward projection.
Now, there is potential for Bitcoin to slip to the $53k price level before a possible upturn, likely in Q4 2024. The price stalling around $59k adds to the uncertainty surrounding this critical period.
Source: TradingView
Further analysis of funding rates from Coinglass revealed little change over the past month. This, despite the massive market flush on 5 August triggered by Japan’s stock market crash due to rate hikes.
Since then, while funding rates have stabilized, they’ve remained relatively low. This supports the idea that Bitcoin is in an accumulation phase.
BTC RSI breakout pointed to a rebound
Moreover, Bitcoin’s Relative Strength Index (RSI) recently recorded its second significant breakout during this bull cycle, which could be setting the stage for another rally.
If Bitcoin [BTC] dips further below the $53k level, it might trigger panic selling, potentially leading to a rebound.
The RSI breakout, similar to a previous instance that led to a major bullish rally, suggested that BTC might be gearing up for another northbound surge.
Source: TradingView
History of last quarter’s post-halving
Historically, the last quarter of the year following a Bitcoin [BTC] halving has been bullish. This trend might continue in 2024.
Despite a frustrating and stagnant summer market, Bitcoin investors and traders should remain patient, as the market has a history of rewarding those who hold on during such periods.
This could be an opportune time to accumulate more BTC, anticipating a potential rally in the final quarter of the year.
Source: Titan of Crypto/X
- Bitcoin’s long-term holder SOPR hit 1, indicating average sells at break-even
- Analysis of BTC’s key metrics and patterns suggested the bull run is still on.
Bitcoin’s [BTC] recent price action and on-chain metrics are crucial for understanding market sentiment, given its position as the cryptocurrency with the largest market cap.
The Long-term Holder SOPR that tracks Bitcoin transactions by those who’ve held BTC for over 155 days is a key metric. When the SOPR’s value is above 1, it indicates profits, while a value below 1 signals losses.
After the most recent Bitcoin price drop, the SOPR hit 1, meaning many traders sold at break-even – A sign of market caution.
Source: CryptoQuant
Bitcoin [BTC], which had previously surged to $62k, is now trading below this level due to massive liquidations around the aforementioned level.
BTC’s broadening wedge at critical support level
Right now, Bitcoin’s price action in the BTC/USDT pair is advancing within a broadening wedge pattern. This is typically a consolidation phase, signaling the calm before a potential market move.
This pattern is sitting at a critical support level, with accumulation continuing as traders remain skeptical about Bitcoin’s potential for an upward projection.
Now, there is potential for Bitcoin to slip to the $53k price level before a possible upturn, likely in Q4 2024. The price stalling around $59k adds to the uncertainty surrounding this critical period.
Source: TradingView
Further analysis of funding rates from Coinglass revealed little change over the past month. This, despite the massive market flush on 5 August triggered by Japan’s stock market crash due to rate hikes.
Since then, while funding rates have stabilized, they’ve remained relatively low. This supports the idea that Bitcoin is in an accumulation phase.
BTC RSI breakout pointed to a rebound
Moreover, Bitcoin’s Relative Strength Index (RSI) recently recorded its second significant breakout during this bull cycle, which could be setting the stage for another rally.
If Bitcoin [BTC] dips further below the $53k level, it might trigger panic selling, potentially leading to a rebound.
The RSI breakout, similar to a previous instance that led to a major bullish rally, suggested that BTC might be gearing up for another northbound surge.
Source: TradingView
History of last quarter’s post-halving
Historically, the last quarter of the year following a Bitcoin [BTC] halving has been bullish. This trend might continue in 2024.
Despite a frustrating and stagnant summer market, Bitcoin investors and traders should remain patient, as the market has a history of rewarding those who hold on during such periods.
This could be an opportune time to accumulate more BTC, anticipating a potential rally in the final quarter of the year.
Source: Titan of Crypto/X
вывод из запоя на дому сочи вывод из запоя на дому сочи .
Nice blog here Also your site loads up fast What host are you using Can I get your affiliate link to your host I wish my web site loaded up as quickly as yours lol
вывод запой нижний http://www.snyatie-zapoya-na-domu11.ru .
can you buy cheap clomiphene without insurance clomiphene price walmart order generic clomid prices can i purchase clomid pills can i order clomiphene without rx can i purchase generic clomid without rx can i buy generic clomid tablets
The thoroughness in this section is noteworthy.
Thanks on sharing. It’s first quality.
zithromax 500mg us – order tinidazole 500mg generic order flagyl 200mg online cheap
rybelsus 14mg uk – semaglutide price cost cyproheptadine
order motilium – cyclobenzaprine price buy generic cyclobenzaprine
order inderal 20mg without prescription – methotrexate 5mg pills methotrexate 5mg cheap
amoxil brand – buy valsartan 160mg purchase ipratropium sale
order zithromax 250mg generic – buy generic bystolic over the counter nebivolol 5mg over the counter
order amoxiclav online cheap – atbioinfo buy generic acillin for sale
buy esomeprazole 20mg without prescription – anexa mate order nexium capsules
cheap warfarin 2mg – https://coumamide.com/ order losartan online
mobic online buy – relieve pain order mobic 7.5mg pills
oral prednisone 40mg – https://apreplson.com/ order prednisone 10mg sale
cheap ed drugs – fast ed to take erection pills that work
amoxicillin tablets – comba moxi order amoxicillin
fluconazole over the counter – on this site fluconazole 200mg pills
buy cenforce pills – cenforcers.com cenforce 50mg price
can cialis cause high blood pressure – cialis coupon 2019 cialis patent expiration
buy ranitidine paypal – ranitidine 150mg drug ranitidine cheap
50 mg viagra cost – 100 milligram viagra cheap viagra 100
Thanks recompense sharing. It’s outstrip quality. amoxil 125 mg
This is the kind of topic I get high on reading. https://buyfastonl.com/furosemide.html
I am in fact happy to glitter at this blog posts which consists of tons of of use facts, thanks towards providing such data. https://ursxdol.com/get-cialis-professional/
Greetings! Jolly gainful recommendation within this article! It’s the little changes which choice turn the largest changes. Thanks a quantity in the direction of sharing! https://prohnrg.com/product/acyclovir-pills/
Thanks on putting this up. It’s okay done. https://aranitidine.com/fr/modalert-en-france/
This is a keynote which is forthcoming to my verve… Many thanks! Quite where can I notice the contact details due to the fact that questions? https://ondactone.com/spironolactone/
I am in truth thrilled to glance at this blog posts which consists of tons of profitable facts, thanks representing providing such data.
https://proisotrepl.com/product/clopidogrel/
This is the make of delivery I recoup helpful. http://pokemonforever.com/User-Lxybxw
order forxiga for sale – cheap forxiga 10 mg buy forxiga 10mg
buy xenical generic – this xenical 60mg ca
This website exceedingly has all of the bumf and facts I needed adjacent to this case and didn’t positive who to ask. http://shiftdelete.10tl.net/member.php?action=profile&uid=205528