In the world of cryptocurrencies, Bitcoin is undoubtedly the king. Its value has soared and dipped over the years, making it a subject of interest for traders and investors alike. Recently, there has been news that Bitcoin’s price could possibly increase, according to data by CryptoQuant.

The data from CryptoQuant shows two lines on a chart: the Bitcoin price in orange and the Net Taker Volume in blue. The Net Taker Volume indicates the aggressiveness of market sellers and buyers. It is calculated by finding the difference between the Taker Buy Volume and Taker Sell Volume. A positive value of the Net Taker Volume indicates buying strength for Bitcoin, while a negative value indicates selling pressure.

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The chart shows a positive outlook for Bitcoin in the near term. According to the data, the Net Taker Volume is about to cross the zero line, which means that over a 30-day moving average, the volume through taker BUY orders is higher than taker SELL orders. This indicates that buying strength for Bitcoin is increasing.

Moreover, the data indicates that over the last year, the Net Taker Volume has crossed the zero-line four times, and in all examples, it had a positive outcome. This is a promising sign for traders and investors who are looking to buy or hold Bitcoin.

The news has generated excitement in the crypto community, with many enthusiasts taking to social media to discuss the implications of the data. The possibility of a price increase has sparked renewed interest in Bitcoin, with some traders already making moves to capitalize on the predicted rise.

However, it is essential to note that the crypto market is notoriously volatile, and nothing is ever certain. While the data from CryptoQuant is promising, it is essential to take a cautious approach when investing in Bitcoin or any other cryptocurrency.

In conclusion, the data from CryptoQuant shows that the Net Taker Volume indicates a positive outlook for Bitcoin in the near term. If the indicator crosses above zero, it could result in buying strength for Bitcoin. However, it is crucial to remember that the crypto market is volatile, and nothing is ever certain. Traders and investors should always exercise caution and do their due diligence before making any investment decisions.

#Bitcoin #BTC #CryptoQuant #azcoinnews #crypto2023

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According to data provided by CryptoQuant, this is the first time in over 250 days that Bitcoin’s price is going to close above several important price bands, including short-term holder realized price, long-term holder realized price, adjusted realized price, and the 200 weekly moving average.

This bullish move by Bitcoin comes after it has traded below most of these bands for more than 250 days, a unique moment in history partly caused by the FTX capitulation event. The fact that Bitcoin is now rising above these levels is significant because it provides a positive outlook for the upcoming weeks and also gives a clear point of invalidation, which is falling back below these floor bands.

This news is significant for Bitcoin traders and investors as it highlights a potential upward trend for the world’s leading cryptocurrency. The bullish outlook is expected to have a ripple effect on the entire crypto market as more investors are likely to jump on board, attracted by the potential profit margins.

However, it is important to note that the simplified calculation provided in the report does not account for several market dynamics such as liquidity, order book depth, and the depreciation in the US dollar value. Therefore, while this news is positive, it is crucial for traders and investors to keep an eye on the market and make informed decisions based on a comprehensive analysis of market trends and dynamics.

In conclusion, the fact that Bitcoin has surpassed multiple price bands for support level ahead of a crucial weekly close is good news for traders and investors. It is an indication of a bullish market and a potential upward trend for cryptocurrency. However, caution is necessary when making investment decisions, and traders and investors should stay informed and up-to-date on market trends and dynamics.

#Bitcoin #BTC #CryptoQuant #crypto2023 #azcoinnews

This article was republished from azcoinnews.com

#Bitcoin whales are coming back to life, and the same goes for older bitcoins. Is this a confirmation of the initial phase of a bull run? The analytical platform #CryptoQuant has alerted that Bitcoin whales are resurfacing, which it perceives as a highly positive signal for the future price movement of Bitcoin.

An analyst from the mentioned on-chain Bitcoin data tracking platform called SignalQuant pointed out that the unspent transaction outputs (UTXOs) associated with major players, the whales, are increasing this year, which is a traditional indication of the confirmation of a bull market. In this context, whales refer to addresses holding from 1000 #BTC to 10,000 BTC.

A simple explanation of UTXO: Let's imagine you have 5 bitcoins and want to send 2 bitcoins to someone else. This transaction on the Bitcoin blockchain will involve using all 5 bitcoins, where 2 bitcoins go to the recipient and 3 bitcoins return to you. These remaining 3 bitcoins become new UTXOs that you can use in the future.

SignalQuant specifically highlighted the UTXO Value Bands indicator, which illustrates that whale activity in 2023 is gradually reawakening after a significant slowdown in the second half of 2022.

On the attached graph, it also showed a similar pattern at the beginning of the previous bull run – first, a decline in whale activity, followed by a resurgence that gradually escalated. "If these indicators continue to increase, we can be sure that the price at the end of 2022 was a long-term bottom, and the price will continue to rise," the analyst stated.

UTXO Value Bands

The activity of whales is also supported by on-chain data from Santiment and Glassnode from the previous week. These data revealed an increase in the number of bitcoins on their addresses and an overall growth in their quantity. The activity of older addresses is also on the rise.

Bitcoin whales

Another interesting on-chain indicator is the Value Days Destroyed (VDD) metric, which hints at whether younger or older bitcoins are currently moving in terms of their holding time. In simplified terms, if someone holds BTC for, let's say, 5 years and then moves it, the VDD chart will be impacted much more significantly than the movement of bitcoins held for 10 days.

EntitiesWhales

From the current VDD data, it can be deduced that older bitcoins have started moving compared to the previous month, which was a typical occurrence at the beginning of previous bitcoin bull cycles in 2013, 2016, and 2019. "Increased on-chain spending volume indicates where we are in the cycle. History doesn't repeat, but it often rhymes," remarked analyst Peter Swift from Look Into Bitcoin.

LookInToBTC

Greed fades away from the market Finally, let's take a look at the Fear and Greed Index, which indicates that Bitcoin has "cooled off" and entered the "neutral zone."

This may not be bad news, as previously, when Bitcoin was close to new yearly highs around the $32,000 mark, it was in the "greed zone."

This indicator works inversely – when it shows that the market is in a state of greed, it is usually a good time to sell, and conversely, when there is fear in the market, it represents a good investment opportunity.

Which projects can benefit from the beginning of a bull run?

During a bull run, various projects and assets in the cryptocurrency space can benefit from the sudden and significant price growth. Investors show increased interest in cryptocurrencies and blockchain projects, which can boost their growth and development. Some of the projects and assets that can benefit from the beginning of a bull run include:

Bitcoin (BTC): As the most well-known and first cryptocurrency in the market, Bitcoin typically experiences strong growth during a bull run. Investors often view Bitcoin as "digital gold" and seek it as a store of value during times of increased market volatility.

Ethereum (ETH): Ethereum is the second-largest cryptocurrency in the market and serves as a platform for launching decentralized applications and smart contracts. During a bull run, Ethereum can be in demand due to its wide range of use cases.

#SpaceCatch This unique gaming project is slowly approaching the presale phase, and over the next few months, it will likely experience tremendous popularity and growth. Its distinctive technology, combining augmented reality, blockchain, sustainable tokenomics, and NFTs, has been hailed by many experts as the "PokemonGo killer." We believe that the experienced team behind SpaceCatch will leverage its potential and offer us a 1000x profit. Given the very low market capitalization during the presale and the similarly low fully diluted market cap, we can truly expect this.

DeFi Projects: Decentralized Finance (DeFi) projects provide financial services and products without the need for traditional financial institutions. During a bull run, DeFi projects may experience increased interest and success as they offer new and innovative approaches to finance.

NFTs (Non-Fungible Tokens): NFTs are unique digital assets that have gained significant popularity recently. During a bull run, NFT projects offering original art, collectibles, and digital collections may see increased demand.

Blockchain Platforms: Projects offering blockchain platforms with improved scalability, speed, and security may be sought after during a bull run as these technologies can support the growth of the cryptocurrency ecosystem.

It is essential to note that bull runs come with high market volatility and the risk of uncorrelated price movements. Investments in cryptocurrencies and blockchain projects always carry risks, so conducting thorough research and consulting with financial experts before making any investments is advisable.

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