{"id":431696,"date":"2020-07-22T10:00:03","date_gmt":"2020-07-22T10:00:03","guid":{"rendered":"https:\/\/ktsl888.com\/?p=431696"},"modified":"2024-06-11T11:27:42","modified_gmt":"2024-06-11T11:27:42","slug":"onchain-metric-bitcoin-market-bullish","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/onchain-metric-bitcoin-market-bullish\/","title":{"rendered":"On-Chain Metric Signals the Bitcoin Market Isn’t Overheated: Why This Is Bullish"},"content":{"rendered":"

Despite the recent stagnation, Bitcoin<\/a> is still up by over 150% from the capitulation lows of March’s crash. By the standards, that means that BTC’s nascent market is at exuberant levels \u2014 especially considering the dismal state of the world economy.<\/p>\n

<\/p>\n

Chart of BTC's price action since the start of the year from TradingView.com<\/a><\/pre>\n
But on-chain data shows that BTC is not yet in an “overheated” market, leaving room for the leading cryptocurrency to appreciate in the months ahead.<\/p>\n
Related Reading:\u00a0BTC Just Confirmed a Signal That Preceded Historical 5,000% Rallies<\/a><\/h6>\n
On-Chain Fundamentals Show Bitcoin Has Room to Rally<\/strong><\/h2>\n
With Bitcoin flatlining, it’s been hard for some analysts to purely use technical analysis to determine which way the asset will break next. Some market commentators have thus turned to on-chain analytics to indicate which way BTC will move next.<\/p>\n
According to data from WhaleMap<\/a> shared<\/a> by a cryptocurrency technician, the profitability of traders has gone down rapidly. Referencing the chart below, which indicates that the “moving profits” metric is decreasing, the analyst wrote:<\/p>\n
“The amount of people in profit is going down rapidly. This is good, it means the market isn’t overheated anymore. Usually when everyone is making money the market starts shaking everyone out. This chart shows enough shaking has been done.”<\/p><\/blockquote>\n
\"\"<\/p>\n
Chart of the profitability and unprofitability of cryptocurrency traders coupled with the Bitcoin price from WhaleMaps.io, shared by Byzantine General.<\/pre>\n
In saying this, the trader is referencing how markets often move against the majority \u2014 the “herd.” To put this into the context of the chart above, the fewer Bitcoin investors there are in profit, the less likely the market will punish bulls.<\/p>\n
Further corroborating the sentiment that Bitcoin bulls are currently not overextended is derivatives data.<\/p>\n
A good indication of the overall sentiment of derivatives traders is the funding rate of BTC perpetual swap markets.<\/p>\n
Data from BitMEX indicates that the funding rate of Bitcoin perpetual swaps is approximately flat. This indicates that neither long holders nor short holders are overextended,<\/p>\n
Growing Number of BTC Bulls<\/strong><\/h2>\n
These positive signals come as Bitcoin has garnered the support of an increasing number of seasoned investment analysts.<\/p>\n
As reported by NewsBTC previously<\/a>, Kyle Bass \u2013 the CIO of Hayman Capital Management \u2013 said in a recent tweet that he expects BTC to surge higher with gold and silver:<\/p>\n
\u201cSilver, Gold, Bitcoin, etc all look to be ready to make explosive moves higher given the sheer amount of money printing going on around the world.\u201d<\/p><\/blockquote>\n
Bass’ support of the leading cryptocurrency comes shortly after Lyn Alden, a prominent investment strategist, said in an extensive blog<\/a> post<\/a> that she is buying BTC.<\/p>\n
Alden attributed her optimism to three trends: Bitcoin’s strong network effects that allowed it to fend off altcoins, scarcity mechanisms like the block reward halving, a macro environment promoting the value of scarcity.<\/p>\n
Related Reading:\u00a0Crypto Tidbits: Twitter\u2019s \u201cBitcoin Scam,\u201d Elon Musk & Dogecoin, Institutions Want BTC & ETH<\/a><\/h6>\n
Featured Image from DepositPhotos\r\nPrice tags: xbtusd, btcusd, btcusdt\r\nCharts from TradingView.com<\/a>\r\nOn-Chain Metric Signals the Bitcoin Market Isn't Overheated: Why This Is Bullish<\/pre>\n","protected":false},"excerpt":{"rendered":"
Despite the recent stagnation, Bitcoin is still up by over 150% from the capitulation lows of March’s crash. By the standards, that means that BTC’s nascent market is at exuberant levels \u2014 especially considering the dismal state of the world economy. Chart of BTC’s price action since the start of the year from TradingView.com But on-chain data shows that BTC is not yet in an “overheated” market, leaving room for the leading cryptocurrency to appreciate in the months ahead. Related Reading:\u00a0BTC Just Confirmed a Signal That Preceded Historical 5,000% Rallies On-Chain Fundamentals Show Bitcoin Has Room to Rally With Bitcoin flatlining, it’s been hard for some analysts to purely use technical analysis to determine which way the asset will break next. Some market commentators have thus turned to on-chain analytics to indicate which way BTC will move next. According to data from WhaleMap shared by a cryptocurrency technician, the profitability of traders has gone down rapidly. Referencing the chart below, which indicates that the “moving profits” metric is decreasing, the analyst wrote: “The amount of people in profit is going down rapidly. This is good, it means the market isn’t overheated anymore. Usually when everyone is making money the market starts shaking everyone out. This chart shows enough shaking has been done.” Chart of the profitability and unprofitability of cryptocurrency traders coupled with the Bitcoin price from WhaleMaps.io, shared by Byzantine General. In saying this, the trader is referencing how markets often move against the majority \u2014 the “herd.” To put this into the context of the chart above, the fewer Bitcoin investors there are in profit, the less likely the market will punish bulls. Further corroborating the sentiment that Bitcoin bulls are currently not overextended is derivatives data. A good indication of the overall sentiment of derivatives traders is the funding rate of BTC perpetual swap markets. Data from BitMEX indicates that the funding rate of Bitcoin perpetual swaps is approximately flat. This indicates that neither long holders nor short holders are overextended, Growing Number of BTC Bulls These positive signals come as Bitcoin has garnered the support of an increasing number of seasoned investment analysts. As reported by NewsBTC previously, Kyle Bass \u2013 the CIO of Hayman Capital Management \u2013 said in a recent tweet that he expects BTC to surge higher with gold and silver: \u201cSilver, Gold, Bitcoin, etc all look to be ready to make explosive moves higher given the sheer amount of money printing going on around the world.\u201d Bass’ support of the leading cryptocurrency comes shortly after Lyn Alden, a prominent investment strategist, said in an extensive blog post that she is buying BTC. Alden attributed her optimism to three trends: Bitcoin’s strong network effects that allowed it to fend off altcoins, scarcity mechanisms like the block reward halving, a macro environment promoting the value of scarcity. Related Reading:\u00a0Crypto Tidbits: Twitter\u2019s \u201cBitcoin Scam,\u201d Elon Musk & Dogecoin, Institutions Want BTC & ETH Featured Image from DepositPhotos Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com On-Chain Metric Signals the Bitcoin Market Isn’t Overheated: Why This Is Bullish<\/p>\n","protected":false},"author":497,"featured_media":431724,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[679,1144,78790,76835],"class_list":["post-431696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nOn-Chain Metric Signals the Bitcoin Market Isn't Overheated: Why This Is Bullish<\/title>\n<meta name=\"description\" content=\"Despite the recent stagnation, Bitcoin is still up by over 150% from the capitulation lows of March's crash. 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