These two indicators suggest Bitcoin is seriously bullish

These two indicators suggest Bitcoin is seriously bullish
фото показано с : coinjournal.net

2020-7-8 15:22

Bitcoin’s price continues to hover just above $9,200, but two key signals suggest the top cryptocurrency is super bullish for a nice rally to $12,000

Bitcoin is currently hovering in a region that has acted as a major support zone for the past two months. While the bears are capable of pushing prices to lows of $9,000, and even $8,600 in the short term, two fundamental Bitcoin indicators suggest the benchmark cryptocurrency is seriously bullish.

Hash rate hits new highs

It appears more Bitcoin miners have switched on their mining rigs as computational power on the network has surged to new highs over the past week.

According to market data firm Coinmetrics, Bitcoin’s seven-day moving average hash rate has hit its all-time high. According to the data, Bitcoin’s mining hash rate has risen to 123 exahashes (E/Hs). The 30-day average is also up, reaching 114 E/Hs, to hit its second-highest level ever on the timeframe.

Bitcoin’s hash rate chart. Source: Blockchain.com

At the same time, miners seem to be hodling even more as price remains ranged above $9,000. Net inventory for the past week is currently at 790 bitcoins, up from an average of 340 bitcoins over the past one to five weeks.

A look at the Miner’s Rolling Inventory (MRI) reveals that over the past five weeks, miners have hoarded more coins compared to 12 weeks ago. MRI has dropped from an average of 100.4% three months ago, to 94.97% over the past five weeks. The one-week MRI stands at 88.6%.

The implication is that miners have not only increased the network’s hash rate, but are also holding onto most of the minted coins as the market anticipates a price uptick.

Increased number of unique Bitcoin addresses

According to a Bloomberg report, Bitcoin is on the path to winning the ongoing battle for widespread adoption. The publication cites the increased demand for Bitcoin among institutional investors as an indicator of this.

And that’s not all.

Demand is also found when gauged with the number of unique addresses.

According to the Coinmetrics data, the metric’s 30-day average has hit highs seen last year; reflecting the price recoveries seen in 2019.

Chart showing an increase in bitcoin addresses and potential price surge to $12,000. Source: Twitter

This historical pattern suggests that BTC/USD is likely to bounce to prices closer to $12,000, with further consolidation seen in the highs of February 2018.

The question traders are asking themselves: is Bitcoin currently undervalued based on this signal?

The post These two indicators suggest Bitcoin is seriously bullish appeared first on Coin Journal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 98124.88 (-0.40%)
Объем 24H $103.991b
Изменеия 24h: 4.00 %, 7d: 11.82 %
Cегодня L: $98033.78 - H: $98124.88
Капитализация $1941.456b Rank 1
Цена в час новости $ 9297.98 (955.34%)

suggest two bitcoin bullish seriously these indicators

Источник: coinjournal.net

suggest two → Результатов: 50


Analysts explain why Bitcoin is ready to enter a bull market again

At long last, Bitcoin has shown signs of life, rallying by 20 percent from the $6,800 bottom put in nearly two weeks ago. Although this recent price action has been deemed a “relief rally” by some analysts, more and more indicators suggest that BTC and the rest of the cryptocurrency market are on the verge […] The post Analysts explain why Bitcoin is ready to enter a bull market again appeared first on CryptoSlate.

2020-1-13 05:57


Leak: First unofficial Note 10 renders show off Samsung’s refreshed aesthetic

Considering Samsung usually reveals its Galaxy Note devices in the fall or late summer, it was about time we started to see some proper leaks of the upcoming Note 10. But while I was expecting essentially a Galaxy S10 with a bigger screen and a stylus, the first renders of the Note 10 and Note 10 Pro (Samsung is supposedly releasing two Notes this time) appear to suggest a new design language altogether.

2019-6-7 22:53


Фото:

Ethereum technical analysis against Bitcoin and USD suggest a strong uptrend may come next week

As the market continues to climb on its rally from December lows, several of the high cap coins have been noticeably quiet—including Ethereum. However, Bitcoin’s recent price surge saw its price increase nearly 50 percent in two days, giving Ethereum and other high-caps the boost they needed to start their climb upwards.

2019-5-16 01:36


Venezuela Continues to Drive the Petro Despite Ongoing Controversy

Reports coming out for Venezuela suggest that the government is now forcibly converting pensions from fiat to Petro, without the consent of their citizens. The Caracas Chronicles, which reports on Venezuelan issues in the English language, stated that On December 7, they [pensioners] got two messages and it seemed like the money for the pension […] The post Venezuela Continues to Drive the Petro Despite Ongoing Controversy appeared first on ZyCrypto.

2018-12-14 12:01


Bulgarian officials took Bitcoin bribes to issue passports to Ukrainians

Two Bulgarian government reps have been arrested on allegations of accepting bribes in Bitcoin in return for illegitimately issuing Bulgarian identity documents to foreign individuals. Court files claim the accused, both of whom held management positions in the National Agency for Bulgarian Citizens Abroad, have been illegally receiving payments to issue documents, according to local outlet NOVA.

2018-11-2 19:03


дальше еще 1 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

A Week from Halving, Bitcoin Hash Rate Breaks New Record

Bitcoin’s hash rate has climbed above its previous all-time high thanks to the latest rally in price. But with volatility a given in the Bitcoin market, the mining industry is... The post A Week from Halving, Bitcoin Hash Rate Breaks New Record appeared first on Crypto Briefing.