• Latest
  • Trending
  • All
Bitcoin [BTC] gives way to bullish sentiment: Bye-bye, bear market?

Bitcoin [BTC] gives way to bullish sentiment: Bye-bye, bear market?

April 1, 2023
Bitcoin Miner Riot Secures 66560 Microbt ASIC Miners to Boost Hashrate by 18 EH/s – Mining Bitcoin News – Bitcoin.com News

Bitcoin Miner Riot Secures 66560 Microbt ASIC Miners to Boost Hashrate by 18 EH/s – Mining Bitcoin News – Bitcoin.com News

December 5, 2023
Crypto Nostradamuses Triumphant: Bitcoin, Ethereum, Shiba Inu, Dogecoin Take Off, Reaffirming Pundits’ Predictions

Crypto Nostradamuses Triumphant: Bitcoin, Ethereum, Shiba Inu, Dogecoin Take Off, Reaffirming Pundits’ Predictions

December 5, 2023
Why Did Ethereum Price Reach A New Yearly High?

Why Did Ethereum Price Reach A New Yearly High?

December 5, 2023
Litecoin na koniec roku złapie nowy wiatr w żagle?

Litecoin na koniec roku złapie nowy wiatr w żagle?

December 5, 2023
Maverick Protocol (MAV) has a Very Bullish Sentiment Score, is Rising, and Outperforming the Crypto Market Monday: What’s Next?

Maverick Protocol (MAV) has a Very Bullish Sentiment Score, is Rising, and Outperforming the Crypto Market Monday: What’s Next?

December 5, 2023
Bitcoin Cycle Analysis And Macro Factors Reveal When Price Will Reach $125,000

Bitcoin Cycle Analysis And Macro Factors Reveal When Price Will Reach $125,000

December 5, 2023
A guide to efficient Oracle implementation

A guide to efficient Oracle implementation

December 5, 2023
Riot plots aggressive hash rate growth via latest MicroBT deal

Riot plots aggressive hash rate growth via latest MicroBT deal

December 4, 2023
2023-12-04 | Press Release | Investors Dogpile Into Dogecoin and Galaxy Fox for End-of-Year Crypto Surge

2023-12-04 | Press Release | Investors Dogpile Into Dogecoin and Galaxy Fox for End-of-Year Crypto Surge

December 4, 2023
Devconnect Istanbul 2023 – A celebration of progress and the Ethereum community

Devconnect Istanbul 2023 – A celebration of progress and the Ethereum community

December 4, 2023
Two opposing visions of crypto’s future

Two opposing visions of crypto’s future

December 4, 2023
uPlexa (UPX) has a Neutral Sentiment Score, is Rising, and Outperforming the Crypto Market Monday: What’s Next?

uPlexa (UPX) has a Neutral Sentiment Score, is Rising, and Outperforming the Crypto Market Monday: What’s Next?

December 4, 2023
Tuesday, December 5, 2023
DLT EMPIRE
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market
No Result
View All Result
DLT EMPIRE
No Result
View All Result
Home Bitcoin

Bitcoin [BTC] gives way to bullish sentiment: Bye-bye, bear market?

by Cuevas Antonio
April 1, 2023
in Bitcoin
0
Bitcoin [BTC] gives way to bullish sentiment: Bye-bye, bear market?
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


  • On-chain data suggested that the bear market might be nearing its end.
  • Growing open interests and positive funding rates hinted at the likelihood of claiming the $30,000 price mark.

For the first time in over two years, the short-term holder realized price of Bitcoin [BTC] has surpassed the long-term holder’s realized price, a signal that has previously marked the end of previous bear markets. 


Read Bitcoin’s [BTC] Price Prediction 2023-24


Per data from on-chain analytics platform Glassnode, the short-term holder realized price was $21,742, while the long-term holder’s realized price for the king coin was $21,334. 

Source: Glassnode

When the short-term holder realized price of BTC exceeds the long-term holder’s realized price, it means that the average profit of people who have recently bought BTC (short-term holders) is higher than the average profit of people who have held the leading coin for a longer period (long-term holders). 

BTC’s historical performance revealed that this had marked the BTC’s transition from a bear market to a bull market three times. 

Further, CryptoQuant pseudonymous analyst Tarekonchain assessed BTC’s Spent Output Profit Ratio (SOPR) and found that the metric sat at a low similar to that which it registered in November 2022. 

Opining that this signaled the re-emergence of a bullish phase, Tarekonchain said,

“It is worth noting that whenever the SOPR reaches a very low level, the bitcoin price starts to rise again. For example, when the price of bitcoin reached $16,000 in November 2022, the SOPR was at a very low level, indicating that many investors were selling their coins at a loss. Today, the SOPR has again reached a similarly low level, which could potentially suggest a bullish sentiment in the market.”

Source: CryptoQuant

Might be well positioned for a sustained rally

According to data from Santiment, as of this writing, BTC’s weighted sentiment was positive at 0.901. When a coin’s weighted sentiment is positive, it often indicates the presence of bullish sentiment in the market, which attracted investors and drove up demand for the coin. 

It was, however, pertinent to note that BTC’s weighted sentiment was on a steep decline since 12 March. Moreover, as profit-taking intensified in the last month, the coin’s weighted sentiment dropped by 87% in the last three weeks. 

Source: Santiment

With many still waiting for BTC to claim the $30,000 price mark, the Open Positions count has increased by 31% in the past 20 days, per data from Coinglass.


How much are 1,10,100 BTCs worth today?


An increase in a coin’s open interest suggests that there are more open positions or contracts for that coin in the futures market. This could signal growing investor demand and interest in the coin as traders open positions in anticipation of price movements.

Source: Coinglass

Positive funding rates during that period suggested that many had placed their bets in favor of a positive price rally.

Source: CryptoQuant



Source link

Tags: bearBitcoinBTCbullishByebyemarketSentiment
Share196Tweet123Share49
Cuevas Antonio

Cuevas Antonio

  • Trending
  • Comments
  • Latest
ChatGPT is Being Used to Make ‘Quality Scams’

ChatGPT is Being Used to Make ‘Quality Scams’

March 20, 2023
Rise of AI-Powered Cheating: Challenges and Solutions for Educators

Rise of AI-Powered Cheating: Challenges and Solutions for Educators

March 20, 2023
Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

April 10, 2023
Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

0
24 Crypto Terms You Should Know

24 Crypto Terms You Should Know

0
Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

0
Bitcoin Miner Riot Secures 66560 Microbt ASIC Miners to Boost Hashrate by 18 EH/s – Mining Bitcoin News – Bitcoin.com News

Bitcoin Miner Riot Secures 66560 Microbt ASIC Miners to Boost Hashrate by 18 EH/s – Mining Bitcoin News – Bitcoin.com News

December 5, 2023
Crypto Nostradamuses Triumphant: Bitcoin, Ethereum, Shiba Inu, Dogecoin Take Off, Reaffirming Pundits’ Predictions

Crypto Nostradamuses Triumphant: Bitcoin, Ethereum, Shiba Inu, Dogecoin Take Off, Reaffirming Pundits’ Predictions

December 5, 2023
Why Did Ethereum Price Reach A New Yearly High?

Why Did Ethereum Price Reach A New Yearly High?

December 5, 2023

Recent News

Bitcoin Miner Riot Secures 66560 Microbt ASIC Miners to Boost Hashrate by 18 EH/s – Mining Bitcoin News – Bitcoin.com News

Bitcoin Miner Riot Secures 66560 Microbt ASIC Miners to Boost Hashrate by 18 EH/s – Mining Bitcoin News – Bitcoin.com News

December 5, 2023
Crypto Nostradamuses Triumphant: Bitcoin, Ethereum, Shiba Inu, Dogecoin Take Off, Reaffirming Pundits’ Predictions

Crypto Nostradamuses Triumphant: Bitcoin, Ethereum, Shiba Inu, Dogecoin Take Off, Reaffirming Pundits’ Predictions

December 5, 2023
Why Did Ethereum Price Reach A New Yearly High?

Why Did Ethereum Price Reach A New Yearly High?

December 5, 2023

Categories

  • Altcoin
  • Altcoin News
  • Altcoins
  • Artificial Intelligence
  • Bitcoin
  • Blockchain
  • Blockchain Games
  • Business
  • Crypto
  • Crypto Mining
  • Cryptocurrencies
  • Cryptocurrency
  • Culture
  • Defi
  • Dogecoin
  • Economy
  • Education
  • Entertainment
  • Ethereum
  • Featured
  • Gambling
  • Governance
  • Health
  • Lifestyle
  • Litecoin
  • Market
  • News
  • Sports
  • Uncategorized
  • Web 3.0
  • World

Converter

Cryptocurrency Prices by Coinlib

© 2023 Dlt Empire | All Rights Reserved

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market

© 2023 Dlt Empire | All Rights Reserved