Bitcoin attempting to form another base
According to glassnode, the Bitcoin URPD indicator shows that over 530,000 BTC, or 3.18% of the supply, changed hands in the $22,400 price range. This range is currently the largest volume node, reflecting investor interest based on the actual value of the principal on-chain cost.
The $22,400 level is also quite important since it is close to the 200 WMA ($22,877), which has historically been an indicator for a bottoming formation, according to Glassnode.
At its current price of $24,458, Bitcoin is currently trading above both the Realized Price, which is $21,773, and the Long Term Holder Realized Price (LTH Realized Price) which is $22,722. It represents the average value of the BTC coin supply as of the most recent on-chain transaction.
With BTC prices above the realized price, the short-term outlook has improved with participants willing to gain exposure to the lead cryptocurrency. The overall miner balance has decreased by about 4,700 BTC over the past two weeks. This shows that during the recent price surge, aggregate miners were taking some exit liquidity, perhaps to strengthen their balance sheets and manage risk.
The truth is that bitcoin hash ribbon Still upside down indicates that there is still tension in the mining sector. However, the bullish 30 DMA is starting to stabilize, indicating that the financial position of the miners may improve. Minor tensions reached a climax in June as BTC price dipped below $20,000. Glassnode observed that the distribution of miners on exchanges has reduced significantly recently, indicating that while industry tensions remain, “the worst may be behind.”
Bitcoin “forming” another base
According to Fidelity’s Jurrien Timmer, “Bitcoin is attempting to form another base, and so far it looks like a good one.”
Bitcoin price is seeing a relief rally, bringing it closer to the $25,000 mark, but this is weighed down by longer-term macro indicators, suggesting that more time may be needed to establish a solid footing. can.
Some simple moving averages have shown relevance for Bitcoin price action over time, according to Glassnode. The 200 WMA (weekly moving average), which is currently at $22,877, has historically served as a sign of the beginning of a bottom. The pivotal transitional barrier between macro bull and macro bear market momentum continues to be the 200 DMA (daily moving average) at roughly $33,000.
