Bitcoin Metric Drops To 2010 Level: Should You Panic?

bitcoin The price continues to trade around $19,000 for about ten days. Although BTC has been trading in the ‘green zone’ for the past few days, it has not been able to break through important barriers as this rise was quite limited. According to statistics, it is currently trading around $19,400 after a limited drop of 0.47% daily and 0.80% weekly.

Macro Bitcoin Trends Attract Attention

Bitcoin on-chain data recently disappeared, so to speak. For example, the ‘coin days destroyed’ data, which is an indicator of how many days a coin was hodled before it was involved in a transaction, could be taken into account. After falling steadily over the past few weeks, this metric has hit its lowest level in several years. As shown below, CDD has now fallen to levels last observed in 2010.

This metric helps measure the spending behavior of long-term HODLers, taking into account factors such as lifetime and coin volume. Usually, low indicator values ​​occur when old coins are dormant. Sustained low trends are generally not considered very positive because the presence of participants represents HODL.

Bitcoin on-chain data

Koinfinans.com Likewise, as we have reported, the supply carried in the last 6 months is also very close to its all-time low. Data from Glassnode revealed that the same thing is currently happening at 18.12% of the circulating supply (3,485 million BTC on average). As shown below, volumes of mobile supply typically approached and remained low during prolonged bear market periods. Immediately after that, in most cases, recovery initializations took place.

Bitcoin price movements

Currently, long-term HODLs are not spending, which is a good sign. Besides, things remain in “price-seeking mode” for Bitcoin at the moment as the stock market starts the week in the green. centimentIn such an environment, the accumulation of whales should be “pronounced” going forward. However, short-term sellers could block the path of Bitcoin’s uptrend as they continue to be “downtrend” and encourage “apocalypse and gloom”.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.


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