Bitcoin: What On-Chain Data Says About The Latest Dip Below $30,000

Bitcoin: What On-Chain Data Says About The Latest Dip Below $30,000
фото показано с : newsbtc.com

2023-7-27 22:00

The Bitcoin price has been underwhelming in the past few days, reflecting the current state of the cryptocurrency market. On Monday, July 24, investors watched the price of the premier cryptocurrency retreat beneath the $30,000 mark again. 

Let’s look at what the on-chain metrics say about this latest fall below the critical price level. 

69% Of Bitcoin Holders In Profit After Fall Below $30,000

A data report from IntoTheBlock reveals that roughly 68.96% of Bitcoin holders remained green after the price retreat below the $30,000 mark. There is also an indication of significant buying activity around this price level, with more than 3.4 million wallets acquiring BTC at this zone.

Source: IntoTheBlock via Twitter

According to the market intelligence platform, the $30,000 mark has often served as a psychological support level for investors. However, it remains to be seen whether traders will hold or opt out of their positions if the coin continues its current bearish form.

Interestingly, on-chain data reveals that BTC’s volatility is currently at its historical low, suggesting that a significant price movement is imminent. 

Related Reading: Litecoin Bulls Barrel Back Toward $92 Level – Will They Succeed?

Bitcoin currently trades at $29,225, with a slight 0.4% price increase in the past day, according to CoinGecko data. A look at its broader market reveals that the coin has been on a 5% price decline in the past two weeks.

Since falling below the $30,000 mark on July 24, the price of Bitcoin is yet to recover above this level as it often has in recent times.

Bitcoin Experiences Increased Network Growth And Activity

While the recurrent price dip below $30,000 in July may have raised some concern amongst investors, there are positive signs demonstrating Bitcoin’s resilience and overall stability. For instance, the creation of new addresses recently hit a yearly high, suggesting increased user growth, which might positively influence the coin’s price.

IntoTheBlock’s New Adoption Rate metric further fuels the optimism around Bitcoin. This metric measures the ratio of new active addresses compared to total activity. 

According to the analytics platform, there was a sudden spike in the new adoption rate of Bitcoin in July. For context, this rate has been in a range for most of 2023.

Moreover, Bitcoin’s transaction volume has been relatively healthy, despite initial concerns about a potential decline following the Ordinals’ frenzy in Q2 2023. 

However, Bitcoin’s NVT (Network Value to Transactions) ratio is unusually high. According to Glassnode, an NVT ratio describes the relationship between the market cap and transfer volume, with a high value often suggesting overvaluation and bearish sentiment.

origin »

Bitcoin (BTC) на Currencies.ru

$ 97083.52 (-0.12%)
Объем 24H $29.461b
Изменеия 24h: 1.49 %, 7d: -0.44 %
Cегодня L: $96101.31 - H: $97274.59
Капитализация $1924.842b Rank 1
Цена в час новости $ 29350.71 (230.77%)

price bitcoin cryptocurrency market beneath mark state

price bitcoin → Результатов: 126


Bitcoin Price Holds Above $96,000 — Analyst Explains This Level’s Significance

The Bitcoin price appears to have settled within the $92,000 – $102,000 consolidation range, sparking discussions about the coin’s future trajectory. While it remains unclear whether the premier cryptocurrency has enough momentum to forge new all-time highs soon, it would take significant bearish pressure to pull down the BTC price.

2025-2-9 16:00


Bitcoin Price Struggles With Liquidity Blocks From $86,000 To $104,000, Analyst Reveals The Logical Thing To Do

The Bitcoin price has spent the majority of the past seven days consolidating around the $94,000 mark with signs of a break to either side. According to a crypto analyst, Bitcoin’s recent price movements have led to the creation of liquidity blocks observed between the $86,000 to $104,000 range, which raises an equal likelihood of a bounce towards $104,000 or a downside break to $86,000 from the current price.

2025-1-13 14:00


Bitcoin price analysis: economic headwinds push price lower

Bitcoin tested the $92,000 level yesterday after falling from a weekly high of $102,000 as sell pressures mounted Macroeconomic factors cause doubts about the market strength as sticky inflation becomes a concern Spot crypto ETFs logged large outflows on Wednesday following the release of the Fed meeting notes Bitcoin’s price has fallen from a high […] The post Bitcoin price analysis: economic headwinds push price lower appeared first on CoinJournal.

2025-1-11 17:48