• BTC’s accumulation trend was interesting and could influence BTC’s price. On-chain metrics painted a neutral picture as some of them supported the bulls.
• Santiment pointed out an interesting trend in Bitcoin [BTC] accumulation among whales and sharks. Addresses with 1,000 – 10,000 BTC continued to decline while those holding 100-1000 BTC were stagnant.
• Joaowedson from CryptoQuant suggested that the 350-day moving average (MA) and the 100-day exponential moving average (EMA) of the Taker Buy Sell Ratio indicator can identify changes in Bitcoin’s price trend.
On-Chain Metrics Give Neutral Picture of BTC Price
BTC’s accumulation trend is believed to have an influence on its price, but on-chain metrics are painting a neutral picture of it so far. Santiment tweeted on February 23rd about an interesting trend in Bitcoin [BTC] among sharks and whales, where addresses with 100-1000 BTC had become stagnant while those with 1000 – 10,000 BTC continued to decline. This may indicate a possible northbound breakout if this pattern changes soon.
Joaowedson’s Analysis Suggests Good Buying Opportunity
Joaowedson, an analyst and author at CryptoQuant published his analysis on 24th February which pointed out the current market trend for BTC. According to his analysis, local bottoms and tops in the price of bitcoin can be identified when the 100 day exponential moving average crosses a fixed value line of 1 – currently indicating a good buying opportunity for investors as it has reach this point recently.
Market Performance
CoinMarketCap data shows that over the past 24 hours, there has been a decline of nearly 2.5% in Bitcoin’s [BTC] price which at time of writing was trading at $23,942.46 with a market capitalization above $462 billion dollars – not providing much indication as to what direction it might take next.
On-Chain Metrics Provide Insight Into Market Condition
Taking a deeper look into Cryptoquant’s insight into on chain metrics provides further understanding as to what condition the market is currently in and gives more visibility concerning which direction Bitcoin might take soon. For example; exchange reserves decreasing suggest lower selling pressure while funding rate being higher than usual amongst long position traders indicates willingness from short position traders to pay up – both being positive developments for buyers looking to make investments in the cryptocurrency market soon..
Conclusion
Overall looking at current trends suggests that now may be an ideal time for potential investors or buyers who are looking towards making investments or taking advantage of any possible northbound breakouts that may occur soon within Bitcoin’s [BTC] market performance due to these various factors discussed earlier presenting themselves as favorable conditions currently present within this digital asset space right now
