Glassnode: “There Is Serious Demand For Bitcoin At This Price Level!” Weekly On-Chain Analysis

bitcoin It has been showing sideways movements around the $20,000 level for a long time. While the monetary tightening steps on the global side continue to put pressure on the markets, this issue was also emphasized in the latest Glassnode report.

Highlights of the weekly in-chain data bulletin published by Glassnode include:

“After a month of consolidation in the $20,000 region, Bitcoin prices experienced a much anticipated relief rally. In the short term, the momentum is positive, but remains under pressure by long-term macro indicators that time may be needed to establish a solid foundation.

The $20,000 level has attracted a large audience of short-term investors. We have seen that there is a serious demand in this region.

We also see this trend of short-term investors at psychological price levels such as $40,000, $30,000 and $20,000.

The Mayer Multiple can be used to evaluate divergences between spot prices and the 200DMA. The 200DMA is widely used in traditional technical analysis as a tool to differentiate between macro bullish and bearish trends.

At the extreme during this price correction, the Mayer Multiple reached below 0.55, indicating that the market is trading at a 45% discount to the 200DMA. Such events are extremely rare.

Conclusion:

The short-term momentum suggests the bullish continuation, provided the Actual Price and the Actual Price of Long-Term Wallets can remain a support level.

In the long term, the momentum indicates that the worst of the capitulation may be over, but a longer recovery period may be required as the fundamental repair continues.”

You can find the full report here.

*Not Investment Advice.

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