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Is Bitcoin Price Really In Bull Market? Glassnode Data Suggest Otherwise

Is Bitcoin Price Really In Bull Market? Glassnode Data Suggest Otherwise

Bitcoin bulls are waning and bearish sentiment is choosing up within the crypto market. The worry and greed index clearly signifies buyers’ sentiment falling from a Might excessive of 65 (greed) to 48 at this time.

Macro components stay the first cause behind that weakening Bitcoin value rally to $30,000 this month. Additionally, US Fed Chair Jerome Powell’s speech on Friday fails to provide a transparent path and fee hike prospects sooner or later. Whereas President Joe Biden and Republicans are hopeful about avoiding the debt ceiling disaster, different points live on.

CME FedWatch Device indicates a chance of a 25 bps fee hike in June, whereas DXY rises and the roles market stays tight.

Additionally Learn: US Fed, ECB, BOE Officers Calls For Extra Charge Hikes, Bitcoin Value To Fall?

Regardless of Bitcoin value recovering 75% this yr, the bull market situations stay weak. In response to Glassnode, the total switch quantity moved on the Bitcoin community has declined to a present worth of $2.73 billion per day. The community throughput fell 79% from its peak of $13.1 billion in the course of the bull market in 2021.

Bitcoin Total Transfer Volume
Bitcoin Whole Switch Quantity. Supply: Glassnode

The query now’s whether or not the latest consolidation we’re seeing will find yourself in a brand new low, which can counsel decrease costs. Specialists predict a drop properly beneath the 200-WMA to the essential assist of $24,800.

Additionally Learn: Bitcoin (BTC) Value At “Inflection Level”, Massive Transfer Taking place In Cardano (ADA)

Will Bitcoin Value Breakout From Consolidation

In an earlier report by CoinGape Media, we detailed how whales and miners are promoting their holdings amid a latest flip of occasions. This may put extra promoting stress on BTC value.

Common analysts CredibleCrypto and Michael van de Poppe predict the consolidation is probably over and BTC value ought to transfer larger. Nevertheless, it’s necessary to think about the 50-moving common and Bollinger bands indicating a weak chart sample.

Bitcoin price
Bitcoin value

Bitcoin is vary sure, with $27,640 as resistance and $26,340 as assist. The path of the BTC development will solely be decided by a transparent shut outdoors this space.

Additionally Learn: Ledger Co-Founder Clarifies On Backdoor and Safety Threat In Open Supply

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