Bitcoin Breaks Above $26,000, A Stronger Bounce Is Imminent Says This Metric

2023-8-30 01:00

The Bitcoin price trades close to the $26,000 level during today’s trading session, as it has since last week. However, new data points to a potential breakout out of the current range and into previously unexplored territory in 2023.

As of this writing, Bitcoin trades at $25,950 with sideways movement across the board. Other cryptocurrencies in the top 10 by market capitalization display similar price action as the sector enters another period of low volatility.

Bitcoin On The Verge Of Making A Decision?

The co-founder of crypto analytics firm Glassnode, Yann Allemann, recently shared data that could hint at a potential rebound. Via social media X, Allemann pointed at Bitcoin’s Relative Index Strength (RSI), a metric used to measure when an asset has entered overbought or oversold territory.

BTC’s recent downside price action pushed the RSI to a historical oversold level, 28. The chart below shows that almost every August with a negative RSI and a BTC monthly return north of 10% leads to a sideways September but to a green October.

If the price of Bitcoin moves in tandem with its history, this decline in performance and RSI could hint at massive gains for the cryptocurrency in the coming two months. The Glassnode co-founder stated the following:

Past trends suggest that such movements often indicate the potential for upward price shifts. This implies that as sellers grapple with further drops, the stage might be set for a reversal in the near future.

Also, the chart shows that Bitcoin rarely sees two Octobers in the red following a bear market as the one experienced in 2022. This fact adds to the bullish thesis for Bitcoin as 2023 enters its final months, and new narratives increase their influence over the price action.

On the other hand, Allemann pointed at the increasing Open Interest (OI) for Bitcoin as prices trend sideways. The analyst believes that most OI comes from traders opening long positions.

As the OI rises, BTC will likely see another aggressive move. Short liquidation could push the cryptocurrency back into its previous range if the price trends to the upside. However, if the opposite occurs, the high amount of long positions could push BTC into crucial support.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 95308.25 (-0.39%)
Объем 24H $66.134b
Изменеия 24h: -0.06 %, 7d: 3.22 %
Cегодня L: $93967.9 - H: $96238.42
Капитализация $1887.784b Rank 1
Цена в час новости $ 27629.54 (244.95%)

bitcoin points potential breakout data however week

Источник: newsbtc.com

bitcoin points → Результатов: 126


Airport Gold Seizure in Amsterdam Points to Bitcoin Utility for Private, Borderless Travel

A 27-year-old Brazilian man was arrested at Schiphol Airport in Amsterdam Friday for failing to declare 15 kilograms of gold bars to customs, according to local reports. After failing to provide a convincing explanation as to how he acquired the gold, the traveler flying from Rio de Janeiro to Hong Kong was placed under arrest […] The post Airport Gold Seizure in Amsterdam Points to Bitcoin Utility for Private, Borderless Travel appeared first on Bitcoin News.

2020-3-8 13:11


Coronavirus Outbreak Setting Up ‘Very Bullish’ Coming Months for Bitcoin And Crypto Market

In one of its biggest declines, the Dow Jones Industrial Average fell by over 600 points on Friday as investors grew increasingly worried about the potential economic impact of deadly coronavirus. While Dow had its 30-Stock average’s worst day since August, S&P 500 also had its worst day since October and the Nasdaq Composite fell […]

2020-2-3 21:13


Bitcoin, Crypto Metrics Thriving Despite Sentiment

Fear dominates the Bitcoin and crypto markets, but growth and adoption continues unabated. According to the Crypto Fear & Greed Index, which gauges the general market sentiment by analyzing and aggregating multiple data points into a single number on a scale of 0 to 100, whereby 0 signifies extreme fear and 100 extreme greed, the […] The post Bitcoin, Crypto Metrics Thriving Despite Sentiment appeared first on Crypto Briefing.

2020-1-4 03:48


Фото:

Bitcoin UTXO Growth Hits New All-Time High, But What Does it Mean?

The Bitcoin (BTC) record is showing one indicator of extreme growth this year – the count of Unspent Transaction Outputs, or UTXO. This growth points to several potential explanations. UTXO Growth May Signal Coin Mixing Activity Each bitcoin transaction has the potential to generate UTXO, or “change”, which is then redistributed to a change address.

2020-1-2 16:30


US Dollars are Actually Harder to Use & Here’s How Bitcoin is on the Same Path

Adding 1% of Bitcoin to your portfolio gives you a 200 basis points upside If this Bitcoin position had gone to zero, you would only have had a 20-basis point downside Recently, we shared how a tiny allocation of Bitcoin, as much as 10%, “considerably outperforms” a typical portfolio that involves equity and bonds. Now, […]

2019-12-26 19:24


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Sets Record In Weekly Realized Profits – Data Supports Strong Demand

Bitcoin has entered a consolidation phase just below the $100,000 level, following an impressive rally that saw the price hitting all-time highs nearly every day for almost three weeks. While the market has quieted down recently, Bitcoin’s bullish momentum remains strong, and many analysts believe the pause is merely temporary before another upward push. Related […]

Bitcoin HODLers Sell BTC Worth $60 Billion, Can Price Survive?

On-chain data shows the Bitcoin long-term holders have participated in a major selloff recently, a sign that may not be ideal for BTC’s price. Bitcoin Long-Term Holders Have Been Distributing Recently As explained by on-chain analyst Checkmate in a new post on X, the Bitcoin long-term holders have just shown their heaviest profit-taking event of […]