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  • Bitcoin metric signals volatile $40k-$22k move, analyst says

    Bitcoin metric signals volatile $40k-$22k move, analyst says

    • Bitcoin could see a volatile phase within the $40k and $22k price range, James Check, lead on-chain analyst at Glassnode says.
    • BTC’s sell-side risk ratio is approaching an all-time low, with traders on both sides showing exhaustion after recent price action.
    • The flagship crypto traded at $26,400 on Wednesday, about 3% down in the past 24 hours.

    On-chain metrics for Bitcoin suggests the flagship cryptocurrency could be looking at massive price moves in the short term.

    After struggling to break the $27,600 resistance level following dips from above $28,000, crypto experts have opined BTC could flip to new support. On the other hand, fresh impetus could catapult the asset past its year-to-date high of $31,000.

    The outlook is down to on-chain data suggesting traders on both sides are exhausted, Glassnode lead analyst James Check says.

    Also going by the pseudonym “Checkmate” on Twitter, the analyst noted:

    “Bitcoin Sell-side Risk ratio is approaching all-time lows. This indicates that investors are reluctant to spend coins which are in profit, or loss within the current price range. This usually occurs when sellers are exhausted on both sides, suggesting big moves are coming.”

    What next for Bitcoin price?

    Realized Profit and Loss metrics provide somewhat an understanding of the Bitcoin market, according to the analyst. It is these indicators that offer BTC price outlook from the point of holders’ sentiment, capital flows and behaviour patterns.

    That’s what currently suggests Bitcoin price could be setting up for a prolonged reaccumulation phase.

    “Bitcoin usually has a 12ish month reaccumulation period after a bottom (if that is indeed what is in place),” Check tweeted.

    According to him, Bitcoin price could see some volatile action between the $40k and $22k range. For traders looking for a definite signal, the analyst says it’s largely “directionless.” Checkmate said:

    “This is somewhat directionless, it suggests volatility is coming. Note that Nov 2018 also saw a very low value. [It] indicates traders are exhausted in this price range, and doesn’t tell us which price range they want to move towards.”

    Bitcoin was trading around $26,400 on Wednesday morning 9:53 am ET, and was about 3% down in the past 24 hours. 

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  • Bitcoin price retests $29,300: consider this key metric

    Bitcoin price retests $29,300: consider this key metric

    • Bitcoin price has broken above $29k, testing the $29,300 zone.
    • On-chain data shows BTC holders are increasingly betting long on the asset.
    • A macro sentiment indicator suggests Bitcoin price is poised for a parabolic move.

    Bitcoin rose more than 4% on Monday to break above $29,300 again, with data showing the gains come amid a rising count of BTC holders.

    The week ahead is expected to be huge for the market in terms of the economic data releases. But even as the broader market awaits the US consumer price index report, Santiment says most trader in the Bitcoin market are increasingly looking at the asset as a long-term bet.

    It’s a trend likely to buoy a new upside momentum for bulls.

    Bitcoin price indicator in focus – the aSOPR

    According to Bitcoin analyst Ali on Twitter, BTC is primed for a parabolic ride given the outlook of one of Bitcoin’s macro market sentiment indicators.

    In a price forecast he shared as BTC entered last weekend in a tight range around $28k, the analyst pointed to the Adjusted Spent Output Profit Ratio (aSOPR). The potential movement is still in play as Bitcoin crossed above $29k again on Monday.

    “Another Bitcoin indicator hints at explosive growth! Historically, aSORP (90d) below 1 signals a bear market, & above 1 signals a bull market. In 2015, 2019 & 2020, it led to 6,110%, 150%, & 579% gains. aSORP recently moved above 1, suggesting $BTC readies to go parabolic,” the analyst noted.

    BTC/USD currently trades around $29,200 and bulls will want to have the stubborn supply zone at $30k locked up with a major breakout performance. 

    If not, the consolidation seen in the past several weeks and a possible dip below the range is likely.

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  • Shiba Inu Sets New Milestone in This Long-Term Metric: Report

    Shiba Inu Sets New Milestone in This Long-Term Metric: Report

    According to IntoTheBlock data, SHIB is now seeing its highest percentage of long-term holders, setting a new milestone in the metric. The percentage of long-term holders, or “hodlers,” has jumped to 38%, the highest so far, while that of midterm speculators continues to decline. Meanwhile, the percentage of short-term holders has held relatively steady.

    According to IntoTheBlock’s data on holder composition by time held, 38% of SHIB holders have “hodled” their tokens for more than a year, 59% have held within a year and 3% have held onto their tokens for less than a month.

    Shiba Inu “hodlers,” referring to addresses that have held SHIB for more than a year, have displayed growth since the start of 2022, from barely 1% to over 38% of holders.


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    Despite being significantly down from its peak, SHIB still draws a sizable number of investors. Shiba Inu currently has 1,230,662 holders, according to cryptocurrency data tracker WhaleStats, indicating that the number of SHIB holders has increased recently.

    Shiba Inu trading volumes jump 211%

    According to CoinMarketCap data, Shiba Inu is demonstrating a 211% rise in trading volumes as the SHIB price gains traction.

    At the time of publication, SHIB was changing hands at $0.00001047, up 5.50% in the last 24 hours. A close above $0.00001017 would make the SHIB price mark the second consecutive day in the green.

    Higher volatility, most of the time, leads to increased trading volumes for most crypto assets as traders buy and sell in large quantities to capture profits.

    Thus, the rise in SHIB volume may have been caused by investors accumulating SHIB in its current range.

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