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'Death Cross' Pattern Forms on Bitcoin's Weekly Price Chart
Bitcoin's 50-week simple moving average has crossed under its 200-week SMA, confirming a "death cross," a bearish indicator suggesting the short-term price pullback could become a more sustained downtrend. Analysts, however, are split on what it means. "All About Bitcoin" host Christine Lee breaks down the Chart of the Day.
Long Term Holders Appear Optimistic as Most Bitcoin Addresses Are Profitable: Data
Data from on-chain analytics firm Glassnode shows a full 70% of bitcoin addresses are profitable. CoinDesk's Glenn Williams Jr. noting the "Percent Addresses in Profit" indicator illustrates the percentage of unique addresses whose average purchase price sits below the current price for bitcoin. Historically readings below 50 have indicated that BTC is oversold, and thus, represent a potential bottom. "All About Bitcoin" host Christine Lee presents "The Chart of The Day."
Bitcoin Funding Rates 10-Day Streak Reflects Investor Bullishness
Bitcoin funding rates have been positive for 10 consecutive days. Why should investors care? In bitcoin’s case, funding rates have been positive every day since Jan. 14, with the exception of a neutral reading on Feb. 12. Investors holding long positions expect an asset’s value to increase, while those who are short an asset expect its value to decline. "All About Bitcoin" host Christine Lee breaks down "The Chart of The Day."
Short-Term Bitcoin Traders Are Likely Profiting, Data Suggests
Data from Glassnode and Decentral Park Capital shows bitcoin's STH-SOPR indicator, which shows the degree of realized profit and loss for all coins moved on-chain that have a lifespan of less than 155 days. The indicator has bounced from 1.00. Values greater than 1 suggest coins moved are, on average, selling at a profit. “All About Bitcoin” host Christine Lee breaks down “The Chart of The Day.”
Bitcoin's Network Value to Transaction Ratio Declining
Bitcoin's annualized rolling three-month basis, or the difference between prices in futures and spot markets, is declining. Arcane analysts suggest institutional speculators are more concerned than their offshore peers. Meanwhile, Bitcoin's Network Value to Transaction Ratio (NVT) is around 45, an 82% premium versus its average since 2014, revealing that BTC may be trading at a compelling valuation. "All About Bitcoin" host Christine Lee breaks down the Chart of the Day.
Bitcoin Might Test $20K as It Looks for Support
Bitcoin (BTC) dipped below $22,000 and the token is making an "underside test" that will determine if BTC will reclaim the $23,000 mark or fall to $20,000 "rather quickly," according to Bitbull Capital's Joe DiPasquale, telling CoinDesk's Sam Reynolds. "All About Bitcoin" host Christine Lee breaks down "The Chart of The Day."
Bitcoin Miners Get Breathing Space as Sliding Natural Gas Price Provides Cost Relief
Bitcoin miners, battered by the recent bear market and high energy prices for months, are getting some relief thanks to natural gas prices that have fallen about 75% since August. CoinDesk's Eliza Gkritsi spoke to industry insiders, saying the price of natural gas is expected to stay low in the short to medium term, providing some wiggle room for miners to lower their operating costs. "All About Bitcoin" host Christine Lee presents "The Chart of The Day."
Bitcoin Nears the Vaunted 'Golden Cross'
CoinDesk's Glenn Williams addresses one of the hotter debates in cryptocurrencies at the moment: How traders should feel about bitcoin and ether possibly achieving a “golden cross,” a popular indicator from technical analysis. "All About Bitcoin" host Christine Lee breaks down "The Chart of The Day."
Chart Reveals Shift in Bitcoin Market Sentiment
Bitcoin (BTC) is trading significantly lower than in late 2021, but the sentiment in the market remains positive. The cost of holding a bullish long position in perpetual futures tied to bitcoin has jumped to the highest since the dizzy bull market days of late 2021, according to Glassnode. "All About Bitcoin" host Christine Lee breaks down "The Chart of The Day."
Bitcoin, S&P 500 Near Bullish ‘Golden Cross’ Signal
Bitcoin (BTC) and Wall Street's benchmark equity index, the S&P 500, are on the verge of hitting the golden cross. This easy-to-track bullish technical signal that might motivate trend-following crypto traders to hit the market with fresh bids, according to CoinDesk's Omkar Godbole. "All About Bitcoin" host Christine Lee breaks down "The Chart of The Day."