Mixed Messages Are Sent By Bitcoin Market Signals
Two cryptocurrency analytics companies have published measurements that provide contradicting signals regarding when the next Bitcoin bull market will start (BTC). The top cryptocurrency has recently seen its value decrease, while one business sees encouraging signs.
Golden Cross Portends Favorable Results
Moving averages for Bitcoin have just formed a “golden cross,” according to Messari, which is positive for the cryptocurrency. According to Messari, a golden cross happens when a 50-day moving average crosses over a 200-day moving average and has traditionally been associated with profitable returns over periods of six months and a year.
The Recent Declines in Bitcoin
Bitcoin has dropped over the previous 24 hours and over the past week, despite being up 30% for the year so far. The value of the cryptocurrency is presently 68% lower than its top, which it achieved in November 2021 and which was roughly $69,000.
Long-Term Investors Building Bitcoin Portfolios
According to Glassnode, a different cryptocurrency analytics company, the HODLer Net Position Change for Bitcoin has risen to a three-month high of 49,473.346 BTC. This indicator shows how long-term investors’ positions have changed on a monthly basis and indicates that they have been collecting cryptocurrencies recently.
a large average transaction size
In addition, Glassnode cites a seven-day moving average of the average transaction size for Bitcoin, which on Friday hit a five-year high of 986.575 BTC. These signs, together with the accumulation by long-term investors, imply that despite recent price volatility, Bitcoin activity is still strong.