Fun

News Feed - 2023-10-27 05:10:25

William Suberg21 minutes agoBitcoin restarting 2023 uptrend after 26% Uptober BTC price gains — researchBitcoin has delivered gains that "set the foundation for a resumption of the 2023 uptrend," says the latest BTC price analysis from Glassnode.200 Total viewsListen to article 0:00Markets NewsJoin us on social networksBitcoin (BTC) is due to finish 2023 as it started, on-chain analytics firm Glassnode says as October gains near 30%.


In the latest edition of its weekly newsletter, “The Week On-Chain,” released Oct. 24, researchers argued that the past week “sets the foundation” for a BTC price uptrend.BTC price "convincingly" beats out resistance levels


As it hit $35,200 this week, Bitcoin eclipsed various key trendlines, which had previously acted as support for months.


These included various moving averages (MA), among them the 200-week simple MA at $28,400 — the classic “bear market” support line.


“A cluster of long-term simple moving averages of price are located around $28k, and have provided market resistance through September and October,” Glassnode noted.“After a month of the market grinding higher, the bulls found sufficient strength this week to convincingly break through the 111-day, 200-day, and 200-week averages.”BTC/USD annotated chart with moving average data (screenshot). Source: Glassnode


In so doing, the profitability of various investor cohorts improved considerably. The so-called cost basis of speculators and market newcomers also lies near $28,000.


“The Short-Term Holder (STH) cost basis is also now in the rear view mirror at $28k, putting the average recent investor into an average profit of +20%,” “The Week On-Chain” continued.


Researchers uploaded a chart of the short-term holder market value to realized value (STH-MVRV) ratio, which tracks profitability of STH coins. They noted that even prior to the October upside, no major capitulatory behavior was visible.


“We can see instances in 2021-22 where STH-MVRV reached relatively deep corrections of -20% or more,” they explained.“Whilst the August sell-off did reach a low of -10%, it is noteworthy how shallow this MVRV decline is by comparison, suggesting the recent correction found noteworthy support, being a precursor to this weeks rally.”Bitcoin STH-MVRV annotated chart (screenshot). Source: GlassnodeBitcoin "sets the foundation" for green year


As Cointelegraph reported, the presence of STH entities versus their seasoned counterparts, the long-term holders (LTHs) is now historically low.


Related: Bitcoin price model expects $45K ‘phase’ to hit in November


Despite facing profitability issues of their own, LTHs now own more than three-quarters of the available BTC supply for the first time.


Their cost basis is lower, further toward $20,000 — and while some believe that Bitcoin could still return to that area, Glassnode is optimistic over how the year will end.


“A meaningful proportion of supply and investors now find themselves above the average break-even price, located around $28k,” it concluded.“This sets the foundation for a resumption of the 2023 uptrend. At the very least, the market has crossed over several key levels where aggregate investor psychology is likely to be anchored, making the weeks that follow important to keep an eye on.”BTC/USD monthly returns (screenshot). Source: CoinGlass


Per data from on-chain monitoring resource CoinGlass, BTC/USD is currently up 26% this month — by October standards, still relatively modest. 


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# MarketsAdd reactionAdd reactionRead moreWhy the 2024 Bitcoin halving may play out differently than in the pastBitcoin is evolving into a multi-asset networkBitcoin bulls fight to hold $34K as CME BTC open interest surpasses 100K

News Feed

MicroStrategy Could Be Forced To Dump Bitcoin Under These Circumstances, Michael Saylor Responds
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Savannah Fortis13 hours agoCIA to build its own ChatGPT-style AI bot for investigations: ReportThe CIA says it is creating its own ChatGPT AI tool to conduct open-source investigations by analyzing public information.135
Bit.com’s Daily Volume for Bitcoin Cash Options Doubled Every Day Since Launch
Bit.com"s Daily Volume for Bitcoin Cash Options Doubled Every Day Since Launch At the end of January, the Matrixport subsidiary and leading derivatives exchange
Venezuela To Start Using Cryptocurrency in Global Trade in Efforts To Fend off U.S. Sanctions
Venezuela To Start Using Cryptocurrency in Global Trade in Efforts To Fend off U.S. SanctionsVenezuela president Nicolas Maduro says the country is to start using cryptocurrency in
Does Hong Kong have issues with USDT and USDC? — Exec weighs in
Helen Partz12 hours agoDoes Hong Kong have issues with USDT and USDC? — Exec weighs inAs Hong Kong looks into creating Hong Kong dollar and US dollar stablecoins, a local industry executive addresses possible implicati
Turner Wright7 hours agoUS lawmakers propose SEC chair consider legislation, not enforcement approach to cryptoReps. French Hill and Dusty Johnson suggested the SEC may have undertaken certain actions on crypto “seemin
Game Developer Moonray PBC Raises $3.5 Million, Aims to Bring NFT and Blockchain Gaming to Bitcoin
Game Developer Moonray PBC Raises $3.5 Million, Aims to Bring NFT and Blockchain Gaming to Bitcoin On December 14, Moonray PBC, the developer behind the multiplayer action-role-pla
Bitcoin To Surge To $130,000 Next? What The Wave Count Says
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Amaka Nwaokocha55 minutes agoBlockFi’s Chapter 11 plan progresses with conditional court approvalOnce the bankruptcy plan receives approval, the lender said it intends to concentrate on recovering funds from other defu
Ethereum Flashes Golden Cross Signal – Can Bulls Push ETH To $3,000?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Crypto Gambler Wins $75,000 with a $31 Bet on ‘Book of Aztec’ at Bitcoin.com’s Casino
Crypto Gambler Wins $75,000 with a $31 Bet on ‘Book of Aztec’ at Bitcoin.com’s Casino Book of Aztec dishes out a massive round win worth a little under 2 B
MetaMask partners with CoinLedger to make tax reporting easier for users
Tristan Greene7 hours agoMetaMask partners with CoinLedger to make tax reporting easier for usersThe partnership allows MetaMask users to export their tax information into CoinLedger via a single click.1773 Total views16