Is Bitcoin Price Really In Bull Market? Glassnode Data Suggest Otherwise

Bitcoin bulls are waning and bearish sentiment is choosing up within the crypto market. The worry and greed index clearly signifies traders’ sentiment falling from a Might excessive of 65 (greed) to 48 at present.

Macro elements stay the first purpose behind that weakening Bitcoin worth rally to $30,000 this month. Additionally, US Fed Chair Jerome Powell’s speech on Friday fails to provide a transparent course and charge hike prospects sooner or later. Whereas President Joe Biden and Republicans are hopeful about avoiding the debt ceiling disaster, different points live on.

CME FedWatch Device indicates a likelihood of a 25 bps charge hike in June, whereas DXY rises and the roles market stays tight.

Additionally Learn: US Fed, ECB, BOE Officers Calls For Extra Price Hikes, Bitcoin Value To Fall?

Regardless of Bitcoin worth recovering 75% this 12 months, the bull market situations stay weak. Based on Glassnode, the total switch quantity moved on the Bitcoin community has declined to a present worth of $2.73 billion per day. The community throughput fell 79% from its peak of $13.1 billion in the course of the bull market in 2021.

Bitcoin Total Transfer Volume
Bitcoin Whole Switch Quantity. Supply: Glassnode

The query now’s whether or not the latest consolidation we’re seeing will find yourself in a brand new low, which can counsel decrease costs. Consultants predict a drop nicely under the 200-WMA to the essential help of $24,800.

Additionally Learn: Bitcoin (BTC) Value At “Inflection Level”, Large Transfer Occurring In Cardano (ADA)

Will Bitcoin Value Breakout From Consolidation

In an earlier report by CoinGape Media, we detailed how whales and miners are promoting their holdings amid a latest flip of occasions. This may put further promoting stress on BTC worth.

Fashionable analysts CredibleCrypto and Michael van de Poppe predict the consolidation is almost certainly over and BTC worth ought to transfer greater. Nevertheless, it’s necessary to think about the 50-moving common and Bollinger bands indicating a weak chart sample.

Bitcoin price
Bitcoin worth

Bitcoin is vary certain, with $27,640 as resistance and $26,340 as help. The course of the BTC pattern will solely be decided by a transparent shut exterior this space.

Additionally Learn: Ledger Co-Founder Clarifies On Backdoor and Safety Threat In Open Supply

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