BTC Gears Up As On-Chain Data Signals Bullish In Bitcoin! Glassnode Report!

After the bank crashes in early March, it continued to rise. bitcoinreaching $ 28,500, hitting the highest level in the last nine months.

While some analysts consider these rises to be a bullish start, some analysts believe that there may be a correction from these levels to $25,000.

Blockchain analysis company evaluating these rises in Bitcoin glassnodeHe stated that BTC is gearing up.

“Bitcoin has outperformed this week with a 35.8% gain against the backdrop of challenging conditions for the traditional financial and banking system.

We see Bitcoin stepping up and coming out of the deep bear market zone.”

Stating that the monthly average number of transactions in Bitcoin reached 309.5 thousand per day this week, Glassnode said, BTC pointed to an increase in network activity similar to the first phase of previous bull periods.

Glassnode also bitcoin He also argued that increasing network activity is strong evidence that BTC could be in the first phase of the bull season.

Stating that network congestion and transaction fees increase with the increasing number of transactions, Glassnode said that these are other evidence for the beginning of the bull.

where BTC compares its market value to its realized value MVRV Evaluating the rate, Glassnode stated that the MVRV rate increased to 1.36 and stated that the discounted prices in Bitcoin ended.

Pointing out that most Bitcoin investors are still not selling even though they are in profit, Glassnode argued that this is proof that long-term investors have embraced the BTC rally.

“Many long-term investors seem motivated to make more profits on this rally.

This is a reflection of remarkable strength and beliefs about Bitcoin’s important role in the future of the global financial system.”

Bitcoin, which has risen by 8% in the last week, continues to be traded above $ 28,000.

*Not investment advice.

For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!


source site-5