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Bitcoin faced in the last few days of a strong weakness.The buyer and the seller of the Assets are involved in an intense battle for $ 9,000, with the bears trying to keep the total below this important support.Even if this promises good prospects for the near future, the macro-economic Outlook is good.A Fundamental measure has just reached a level not seen since just before the sharp rally of 20,000 $ in the year 2017.If history repeats itself, it might be a metric that is an incredibly positive sign for the crypto-currency.
Bitcoin and the aggregated crypto market is tumbling currently on the edge of a cliff.
$9.000 has established itself in the last few weeks as an indispensable level of support, and the sellers are eager to push BTC below this level.
Important: Any reduction below this level was only temporary, as the buying pressure in the Region of the upper 8.000 $ is quite intense.
If this support breaks, it is likely that Bitcoin will make a massive downward movement, which defined its short-term Trend.
A measure that could give bulls a much-needed boost, the number of dormant Bitcoins. This has just reached a level not seen since the rally to $ 20,000 a few years ago.
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Bitcons the Bull Case is growing, in spite of the recent price action
The recent price action of Bitcoin seems to be not a symbol for the underlying technical strength.
At the time of writing, Bitcoin is traded for the price of 9,100 $. This marks a recovery from its recent lows at 8.900 $ that were set yesterday.
For the first Time in many weeks, BTC has seen a continued fraction ends below 9,000 $. The buyers were able to reach this level again, but it still seems like they would be growing weaker by the day.
The Bull Case for Bitcoin, however, remains strong – in particular from a fundamental point of view.
A factor that illustrates this, is the increasing Hash Rate, which has experienced the crypto-currency in the last time. This has led to the so-called “Hash Ribbons” of the crypto-currency could be a buying signal flashed.
Dormant BTC to 2017-Bull-Run-level
A further factor suggesting that the crypto-currency at the Moment is incredibly durable, is the sheer amount of Bitcoin, which has been dormant for over a year.
According to the data of the analysis platform Glassnode 61% of the in circulation Bitcoin have not been moved-lot for over a year. This suggests a strong propensity of investors to “Hodln” – which is also the underlying strength of the Assets to the benefit of.
The market research firm also stated that this measure is so far always risen, just before a Bull-Run begins:
“The last Time we saw this amount of Bitcoin, which had not moved for over a year, was the beginning of 2016 – prior to the bull run of BTC to $ 20,000”
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