2023-10-25 12:45 |
Quick Take
Bitcoin’s recent performance managed to capture significant attention. On Oct. 23, the digital currency appreciated by 10% in a single day, marking the best single-day performance since the FTX collapse in Nov. 2022. It also became the most impressive daily performance in the current year.
October has witnessed Bitcoin appreciating 27%, standing out as the best month return since Jan. 2023, when the digital currency appreciated by a whopping 40%.
Bitcoin daily price performance: (Source: Glassnode)Examining this performance in the context of Glassnode’s Bitcoin Investor Tool, a tool designed for long-term investors, can provide valuable insights. The tool uses a 2-year MA and a 5x multiple of the 2-year MA to indicate potential cyclical tops or bottoms.
Investor tool: (Source: Glassnode)Historically, trading below the 2-year MA has generated outsized returns and signaled bear cycle lows. On the other hand, trading above the 2-year MA x5 has historically signaled bull cycle tops, a zone where investors usually de-risk.
The recent price increase saw Bitcoin breach above the 2-year MA for the first time since May 2022, when it was priced at $30,000.
The post Huge one day candle sees Bitcoin pass key Glassnode indicator teasing potential outsized gains appeared first on CryptoSlate.
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