According glass knot, the Bitcoin URPD indicator shows that over 530,000 BTC, or 3.18% of supply, changed hands within the $22,400 price range. This range is currently the most important volume node, demonstrating investor interest around the key on-chain cost base of the realized price.
The #Bitcoins The URPD shows that +530,000 BTC (3.18% of supply) changed hands around the $22,400 price region.
This area is now the largest volume node, showing investor interest around the key on-chain cost base:
– Realized price: $21,773
– Realized price LTH: $22,722https://t.co/Uwjn1QgCtg pic.twitter.com/8NGhNCUX7I— glass node (@glassnode) August 12, 2022
The $22,400 level is also quite important as it is close to the 200 WMA ($22,877), which has always been an indicator of a bottom formation, according to Glassnode.
At its current price of $24,458, Bitcoin is currently trading above the realized price, which is $21,773, and the long-term holder realized price (LTH realized price), which is $22,722. This represents the average supply value of BTC coins on the date of the most recent on-chain transaction.
With BTC prices above the realized price, the near-term outlook has improved as participants seek exposure to the major cryptocurrency. The overall balance of miners has decreased by around 4,700 BTC over the past two weeks. This shows that during the recent price spike, aggregate miners were taking cash out, perhaps to bolster their balance sheets and manage risk.
The #Bitcoins the hash ribbons remain inverted, which means that residual stresses remain in the mining industry.
However, the faster 30DMA 🟢 is beginning to level off, suggesting some improvement in financial conditions for miners.
Chart: https://t.co/cZrD4U1d8d pic.twitter.com/CsQrc8BsXG
— glass node (@glassnode) August 12, 2022
The fact that the Bitcoin hash tapes are still reversed indicates that there is still stress in the mining sector. However, the faster 30 DMA is beginning to stabilize, signaling that the financial situation for miners may be improving. Miner stress came to a head in June as BTC prices fell below $20,000. Glassnode observes that the distribution of miners across exchanges has decreased significantly recently, indicating that while industry stress is still present, the “worse may well be behind it”.
Bitcoin “forming” another base
According Jurrien Timmer of Fidelity“Bitcoin is trying to form another base, and so far it seems like a good base.”
Bitcoin is trying to form another base, and so far it seems like a good base. pic.twitter.com/VOh9VRY6yf
— Jurrien Timmer (@TimmerFidelity) August 12, 2022
Bitcoin price is enjoying a relief rally, bringing it closer to the $25,000 mark, but remains weighed down by longer-term macro indicators, suggesting it may take longer to establish a base. solid.
According to Glassnode, certain simple moving averages have shown their relevance for Bitcoin price action over time. The 200 WMA (Weekly Moving Average), which is currently at $22,877, has historically served as a sign of the start of a bottom. The critical transition barrier between macro bullish and macro bearish market momentum continues to be the 200 DMA (daily moving average) at around $33,000.
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