{"id":639050,"date":"2024-09-01T09:00:10","date_gmt":"2024-09-01T09:00:10","guid":{"rendered":"https:\/\/ktsl888.com\/?p=639050"},"modified":"2024-09-01T07:12:44","modified_gmt":"2024-09-01T07:12:44","slug":"bitcoin-in-neutral-zone-what-this-means-according-to-analyst","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-in-neutral-zone-what-this-means-according-to-analyst\/","title":{"rendered":"Bitcoin In &#8216;Neutral&#8217; Zone: What This Means, According To Analyst"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bitcoin, the crypto market leader and largest digital asset, currently trades at $58,877 following a rather negligent price movement in the last day. According to <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener nofollow\">data from CoinMarketCap<\/a>, the premier cryptocurrency saw more lows than highs in August, resulting in an 8.46% decline over the month. As September begins, a CryptoQuant analyst with the username Grizzly has provided valuable insight into Bitcoin\u2019s current price status and potential price action in the coming weeks.<br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-hash-price-hit-low\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Hash Price Hits New Low \u2014 Is It Time To Buy?<\/a><\/div>\n<h2><strong>Puell Multiple Index Puts Bitcoin In Decision Zone<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">In <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/66d30d148e55b5397431b76a-Bitcoin-in-a-Neutral-Zone-Insights-from-the-Puell-Multiple-Index\" target=\"_blank\" rel=\"noopener nofollow\">an X post<\/a> on Saturday, Grizzly stated that there is much uncertainty around Bitcoin\u2019s movement based on data from the token\u2019s Puell Multiple index. For context, the Puell Multiple Index is a Bitcoin trading indicator used to measure the profitability of miners and the broader market\u2019s price trend. It is assessed by dividing the issuance value of Bitcoin by its 365-day moving average.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to Grizzly, when this indicator ranks between 0.6 and 0.8, as it currently is, it indicates the<a href=\"https:\/\/ktsl888.com\/news\/1-3-trillion-bitcoin-market-cap-sets-new-record-all-time-high\/\" target=\"_blank\" rel=\"noopener \"> BTC market<\/a> is a \u201cdecision zone\u201d, with an equal potential to initiate an uptrend or a downtrend.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Generally, a dip below 0.6 indicates that Bitcoin miners are earning less than the historical average, mostly due to a decline in BTC price. Grizzly shares that such a scenario presents a good opportunity for <a href=\"https:\/\/ktsl888.com\/news\/btc-bears-steal-price-time-to-dca\/\" target=\"_blank\" rel=\"noopener \">Dollar-Cost Averaging (DCA)<\/a>, where investors buy Bitcoin incrementally to lower their average purchase cost over time.<\/span><\/p>\n<p>Alternatively, a breakout above the 0.8 level indicates an increasing miner profitability, in tandem with rising Bitcoin prices. Based on historical price data, Grizzly states that such development usually represents the start of a bullish market.<\/p>\n<figure id=\"attachment_639055\" aria-describedby=\"caption-attachment-639055\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-639055 size-large\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/FRiOFB_9461eefa9b19f0a23b166f412d5d0825ea819237eca6f034e2b7bde43aa2b246.png?w=860&#038;resize=860%2C484\" alt=\"Bitcoin\" width=\"860\" height=\"484\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/FRiOFB_9461eefa9b19f0a23b166f412d5d0825ea819237eca6f034e2b7bde43aa2b246.png?w=1280 1280w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/FRiOFB_9461eefa9b19f0a23b166f412d5d0825ea819237eca6f034e2b7bde43aa2b246.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/FRiOFB_9461eefa9b19f0a23b166f412d5d0825ea819237eca6f034e2b7bde43aa2b246.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/FRiOFB_9461eefa9b19f0a23b166f412d5d0825ea819237eca6f034e2b7bde43aa2b246.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/FRiOFB_9461eefa9b19f0a23b166f412d5d0825ea819237eca6f034e2b7bde43aa2b246.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/FRiOFB_9461eefa9b19f0a23b166f412d5d0825ea819237eca6f034e2b7bde43aa2b246.png?w=1140 1140w\" sizes=\"(max-width: 860px) 100vw, 860px\"><figcaption id=\"caption-attachment-639055\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/crypto\/crypto-market-1-trillion-crash\/\" target=\"_blank\" rel=\"noopener \">Crypto Market In Trouble As Analyst Predicts $1 Trillion Crash<\/a><\/div>\n<h2><strong>Bitcoin Whales Count Reach 17-Month High<\/strong><\/h2>\n<p><strong><span style=\"font-weight: 400\">In other news, amidst Bitcoin\u2019s turbulent performance in the last month that have left many retail traders with losses, the number of market whales have maintained a steady growth.\u00a0 According to <a href=\"https:\/\/x.com\/santimentfeed\/status\/27318910\" target=\"_blank\" rel=\"noopener nofollow\">data from on-chain analytics firm Santiment<\/a>, there has been a net increase of 283 wallets holding 100+ BTC in August, bringing this metric to a 17-month high of 16,120.<\/span><\/strong><\/p>\n<p><strong><span style=\"font-weight: 400\">An increase in market whales and asset accumulation indicates significant confidence in the token\u2019s profitability in the long term. Thus, this rising level of BTC could be widely interpreted as a bullish signal for the coming months. However, price gains could be expected in Q4 as <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-set-for-further-losses-as-data-points-to-stormy-september-details\/\" target=\"_blank\" rel=\"noopener \">historical data indicates September<\/a> may likely present another bearish phase.<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><\/strong><\/p>\n<p><strong><span style=\"font-weight: 400\">As earlier stated Bitcoin continues to trade at around $58,877 with a 7.56% decline in the last week. Meanwhile, the asset\u2019s trading volume is significantly down 61.93% and valued at $12.70 billion.<br \/>\n<\/span><br \/>\n<\/strong><\/p>\n<figure style=\"width: 1480px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/klXu90k2\/\" alt=\"Bitcoin\" width=\"1480\" height=\"893\"><figcaption class=\"wp-caption-text\">BTC trading at $58,526 on the daily trading chart | Source: BTCUSDT chart on Tradingview.com<\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\"><em>Featured image from Forbes India, chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin, the crypto market leader and largest digital asset, currently trades at $58,877 following a rather negligent price movement in the last day. According to data from CoinMarketCap, the premier cryptocurrency saw more lows than highs in August, resulting in an 8.46% decline over the month. As September begins, a CryptoQuant analyst with the username Grizzly has provided valuable insight into Bitcoin\u2019s current price status and potential price action in the coming weeks. Related Reading: Bitcoin Hash Price Hits New Low \u2014 Is It Time To Buy? Puell Multiple Index Puts Bitcoin In Decision Zone In an X post on Saturday, Grizzly stated that there is much uncertainty around Bitcoin\u2019s movement based on data from the token\u2019s Puell Multiple index. For context, the Puell Multiple Index is a Bitcoin trading indicator used to measure the profitability of miners and the broader market\u2019s price trend. It is assessed by dividing the issuance value of Bitcoin by its 365-day moving average. According to Grizzly, when this indicator ranks between 0.6 and 0.8, as it currently is, it indicates the BTC market is a \u201cdecision zone\u201d, with an equal potential to initiate an uptrend or a downtrend.\u00a0 Generally, a dip below 0.6 indicates that Bitcoin miners are earning less than the historical average, mostly due to a decline in BTC price. Grizzly shares that such a scenario presents a good opportunity for Dollar-Cost Averaging (DCA), where investors buy Bitcoin incrementally to lower their average purchase cost over time. Alternatively, a breakout above the 0.8 level indicates an increasing miner profitability, in tandem with rising Bitcoin prices. Based on historical price data, Grizzly states that such development usually represents the start of a bullish market. Related Reading: Crypto Market In Trouble As Analyst Predicts $1 Trillion Crash Bitcoin Whales Count Reach 17-Month High In other news, amidst Bitcoin\u2019s turbulent performance in the last month that have left many retail traders with losses, the number of market whales have maintained a steady growth.\u00a0 According to data from on-chain analytics firm Santiment, there has been a net increase of 283 wallets holding 100+ BTC in August, bringing this metric to a 17-month high of 16,120. An increase in market whales and asset accumulation indicates significant confidence in the token\u2019s profitability in the long term. Thus, this rising level of BTC could be widely interpreted as a bullish signal for the coming months. However, price gains could be expected in Q4 as historical data indicates September may likely present another bearish phase. As earlier stated Bitcoin continues to trade at around $58,877 with a 7.56% decline in the last week. Meanwhile, the asset\u2019s trading volume is significantly down 61.93% and valued at $12.70 billion. Featured image from Forbes India, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":639056,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[89379,1144,78790,83531,42861,92990],"class_list":["post-639050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-btc-market","tag-btcusd","tag-btcusdt","tag-cryptoquant","tag-dollar-cost-averaging","tag-puell-multiple-index"],"acf":[],"yoast_head":"\n<title>Bitcoin Set In Neutral Zone, Analyst States Why<\/title>\n<meta name=\"description\" content=\"CryptoQuant analyst Grizzly has provided valuable insight into Bitcoin current price status and potential price action in the coming weeks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-in-neutral-zone-what-this-means-according-to-analyst\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Set In Neutral Zone, Analyst States Why\" \/>\n<meta property=\"og:description\" content=\"CryptoQuant analyst Grizzly has provided valuable insight into Bitcoin current price status and potential price action in the coming weeks.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-in-neutral-zone-what-this-means-according-to-analyst\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-01T09:00:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-01T07:12:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/bitcoin-gold-coin-defocused-chart-600nw-1897558246.jpg?fit=800%2C533\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Semilore Faleti\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/SemiloreFaleti\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Semilore Faleti\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-in-neutral-zone-what-this-means-according-to-analyst\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-in-neutral-zone-what-this-means-according-to-analyst\/\"},\"author\":{\"name\":\"Semilore Faleti\",\"@id\":\"https:\/\/ktsl888.com\/#\/schema\/person\/6280b76d69630ffb2f2fa78670d85d49\"},\"headline\":\"Bitcoin In &#8216;Neutral&#8217; 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a \u201cmusic nomad\u201d always ready to listen to new artists and explore new trends. Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination. He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society. In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come. 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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