• 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
Discovering the Top Play-to-Earn Crypto Projects – Crypto News BTC

Discovering the Top Play-to-Earn Crypto Projects – Crypto News BTC

May 31, 2023
Bitcoin BTC Price Edges Below $28K as Investors Eye US Debt Ceiling Progress

Bitcoin BTC Price Edges Below $28K as Investors Eye US Debt Ceiling Progress

May 31, 2023
Analyst Known for Calling Bottoms Flips Bullish on Two Low-Cap Altcoins, Says a Lot of Traders Are Sidelined

Analyst Known for Calling Bottoms Flips Bullish on Two Low-Cap Altcoins, Says a Lot of Traders Are Sidelined

May 31, 2023
BRC-721E Standard to Bridge Gap between Ethereum NFTs and Bitcoin Ordinals

BRC-721E Standard to Bridge Gap between Ethereum NFTs and Bitcoin Ordinals

May 31, 2023
WebSphere Application Server support – IBM Blog

WebSphere Application Server support – IBM Blog

May 30, 2023
Hong Kong & UAE Join Forces To Bolster Crypto Regulation

Hong Kong & UAE Join Forces To Bolster Crypto Regulation

May 30, 2023
Shiba Inu (SHIB) and Dogecoin (DOGE) Swimming in Red Waters, HedgeUp (HDUP) Soars 300% with 400+ Holders Added Daily

Shiba Inu (SHIB) and Dogecoin (DOGE) Swimming in Red Waters, HedgeUp (HDUP) Soars 300% with 400+ Holders Added Daily

May 30, 2023
Ethereum’s Block Size Surges To 1-Month High

Ethereum’s Block Size Surges To 1-Month High

May 30, 2023
Payment Systems in Crypto Casinos — Deposit with Litecoin

Payment Systems in Crypto Casinos — Deposit with Litecoin

May 30, 2023
Canto Blockchain Difficulties Demonstrate Dreary DeFi Outlook

Canto Blockchain Difficulties Demonstrate Dreary DeFi Outlook

May 30, 2023
Traders Act Fast As Binance Australia Unveils Bitcoin Discount For Limited Period

Traders Act Fast As Binance Australia Unveils Bitcoin Discount For Limited Period

May 30, 2023
Laos Government Organizes Meeting on Blockchain 4.0 and Digital Economy Development

Laos Government Organizes Meeting on Blockchain 4.0 and Digital Economy Development

May 30, 2023
Wednesday, May 31, 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
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
What is Cloud Mining and How Does it Work?

What is Cloud Mining and How Does it Work?

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
Discovering the Top Play-to-Earn Crypto Projects – Crypto News BTC

Discovering the Top Play-to-Earn Crypto Projects – Crypto News BTC

May 31, 2023
Bitcoin BTC Price Edges Below $28K as Investors Eye US Debt Ceiling Progress

Bitcoin BTC Price Edges Below $28K as Investors Eye US Debt Ceiling Progress

May 31, 2023
Analyst Known for Calling Bottoms Flips Bullish on Two Low-Cap Altcoins, Says a Lot of Traders Are Sidelined

Analyst Known for Calling Bottoms Flips Bullish on Two Low-Cap Altcoins, Says a Lot of Traders Are Sidelined

May 31, 2023

Recent News

Discovering the Top Play-to-Earn Crypto Projects – Crypto News BTC

Discovering the Top Play-to-Earn Crypto Projects – Crypto News BTC

May 31, 2023
Bitcoin BTC Price Edges Below $28K as Investors Eye US Debt Ceiling Progress

Bitcoin BTC Price Edges Below $28K as Investors Eye US Debt Ceiling Progress

May 31, 2023
Analyst Known for Calling Bottoms Flips Bullish on Two Low-Cap Altcoins, Says a Lot of Traders Are Sidelined

Analyst Known for Calling Bottoms Flips Bullish on Two Low-Cap Altcoins, Says a Lot of Traders Are Sidelined

May 31, 2023

Categories

  • Altcoin
  • Altcoin News
  • Altcoins
  • Artificial Intelligence
  • Bitcoin
  • Blockchain
  • Business
  • Crypto Mining
  • Cryptocurrencies
  • Culture
  • Dogecoin
  • Economy
  • Education
  • Ethereum
  • Featured
  • Governance
  • Litecoin
  • Market
  • News
  • Uncategorized

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