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.

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In recent years, the world has witnessed an explosion in the popularity of cryptocurrencies, especially Bitcoin. Despite its volatile nature, Bitcoin has continued to attract investors who believe in its potential as a store of value and an alternative to traditional financial instruments. As a result, tracking Bitcoin’s on-chain data has become a popular way of monitoring the health of the cryptocurrency market.

Recently, CryptoQuant, a popular on-chain data analytics platform, released new data on Bitcoin’s on-chain highlights, providing insights into the current state of the cryptocurrency. According to the data, Bitcoin’s Stablecoin Ratio has “Returned to May 2022” levels.

This is an important metric because it measures the potential purchasing power of Bitcoin. When the ratio value is low, it means there is a high ability to buy additionally. The current indicator suggests that the Buy & Hold portion has increased, meaning that current buying sentiment has improved significantly, in contrast to the second half of 2022.

In addition, the data also reveals that Bitcoin’s Realized Price has found a support line in the March 10 drop. This means that when Bitcoin fell sharply due to issues in the banking sector, including Silvergate, it fell to near the realized price but was supported and rebounded, suggesting that Bitcoin investment sentiment is solid among risky assets. This is a positive sign for investors who are holding Bitcoin for the long term.

Another important metric provided by CryptoQuant is the Distribution of Bitcoin by UTXO Period (Based on Realized Price). This metric shows the average purchase price by coin holding period and reveals that most new buyers in the last week are profit rights. Specifically, the data shows that buyers who have held Bitcoin for 0 days to 1 day have an average purchase price of 26,556 USDT, while buyers who have held Bitcoin for 1 day to 1 week have an average purchase price of 23,808 USDT.

Overall, the new data released by CryptoQuant provides valuable insights into the current state of the Bitcoin market. While the cryptocurrency market is notoriously volatile, these metrics suggest that there is a positive sentiment among buyers and investors, which is likely to support the cryptocurrency’s growth in the coming months.

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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.

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Bitcoin’s recent bullish trend has attracted the attention of investors and analysts alike, with on-chain data suggesting that new buyers marked the bottom of BTC in November 2022.

According to CryptoQuant, this is due to the fact that new buyers had a more robust demand for a lower-cost basis, which supports the price of Bitcoin and triggers a local or global uptrend. However, Santiment, a cryptocurrency market data analysis company, warns of potential risks associated with the overheating of Bitcoin, which could lead to a massive sell-off.

Furthermore, Bitcoin lives in four-year cycles, with even years being bearish and odd years being bullish. Based on this, 2023 is expected to be a bullish year, but the second uptrend in the cycle is usually weaker than the first, which means that the previous historical high may not be updated. This suggests that Bitcoin could reach $30,000-$33,000 or $37,000-$40,000, and then experience a significant sell-off.

While individual investors in the spot exchange are leading the rally, there are potential risks associated with the overheating of Bitcoin, especially as the UTXO Age Bands 12m-18m reaches a conditional visual peak and begins to decline steadily. This has been observed for the past four years and suggests that medium-term bearish risks may begin to accrue.

In addition, the recent depegging of the USD coin (USDC) and regulatory crackdown on BUSD have caused the number of addresses holding stablecoins to decrease slightly. However, Santiment does not see a massive whale sell-off at this time and suggests that the massive buybacks of the dollar in stablecoins undermine the purchasing power of the cryptocurrency market.

Overall, while the recent uptrend in Bitcoin is encouraging for investors, it is important to monitor potential risks and be cautious when investing in the cryptocurrency market.

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This article was republished from azcoinnews.com