You can has changed fair to say that the mood in all the financial markets of the world lately – to say the least–. Bitcoin is no exception, and the On-Chain-metrics could show where the markets move next.
Blockchain-data-Analyst Glassnode has dealt with the Charts and some On-Chain-metrics for Bitcoin and found out what happened to the mood since the big price dumping at the beginning of last month.
Since the 50-percent crash four weeks ago, BTC has gained half of it back and in the late Trading yesterday, the 7,000-Dollar mark is reached. Where it goes next? This is the big question in the crypto-sphere at the Moment – especially in view of the halving, which is only 40 days.
Contents
Has Bitcoin reached the low point?
The market research company believed that the most of the On-Chain-metrics of the zones, which have indicated in the past a market and limit are bounced.
With the Loading of the Tweets, you accept the privacy policy of Twitter.
More content, download Twitter Tweets to learn more and unlock
This is shown in the first diagram, which shows the market’s recent low point of November 2019 and early January 2020 in the high 6k Dollar-Zone. Bitcoin is now returned in this field – and that could signal an accumulation of phase.
The second chart shows the percentage of UTXOs (unspent transaction expenses) on the profit. This seems to have been the beginning of March, also an all-time low of 70% and is now back up.
The percentage of the offer to the Win reflects the UTXO diagram of a recovery, as the Bitcoin price in the last few weeks, has recovered.
Other metrics are also bullish
Graph no. 4 shows the Puell-a Multiple that by dividing the daily output value of Bitcoins in USD by the moving 365-day average of this value calculated. It is clearly fallen under the price level and this indicates that Bitcoin was overvalued and again at a rated level is returned.
This could mean a change of mood and a return of the bulls.
The MVRV-ratio was created by Murad Mahmudov and David Puell, to compare the realized value and the market value by dividing one by the other. This chart shows that the ratio is below Zero, fell in the “green area”. This suggests that the prior burglary was a low point and the prices recover.
The Reserve-risk metric in the final diagram shows the trust of the long-term Bitcoin holders in relation to the price of an asset at a certain time. As the BTC prices have collapsed, crashed in a buy zone and is now back on the way to the top.
There are many On-Chain-metrics that can be used to determine the market sentiment for Bitcoin – and these six indicate at least that the downturn has bottomed out and the prices slowly climb higher.