Users who buy bitcoins in the range of $28920-30600 on Onchain seem to be at high losses. The profit situation of users who buy bitcoin in the range of $27235-$28045 is quite good. The larger the red spheres and the smaller the green spheres, the higher the chance of rise. The larger the green spheres and the smaller the red spheres, the higher the probability of a decline. The level ranges where the spheres are located can work as strong support or strong resistance. At the current stage bitcoin seems to be trying to decide.
ASOPR data mostly showed a performance of 1 level and above in bull seasons and 1 level and below in bear seasons. In Bitcoin bull season, this data should hold above 1 level.
The Active Address Sentiment Indicator data seems to have regressed further from the level we stated yesterday, but it is still far from the main support band and main support zone. If the decline continues, we can expect it to come to that region.
Bitcoin has experienced a rise by throwing itself above the orange band after the price action under the orange band in the past. In 2016-2018, the green band and the orange band rose together in parallel and the bull season was experienced. However, between 2019-2020, the Green band has been a strong resistance and bear season has been experienced. According to the current chart, the orange band support is at $23952 and the green band resistance is at $44495. We will be following which scenario will happen.
The level that Bitcoin must hold to maintain its bullish structure is $23495. It is expected to exceed the $36311 level in order to make even more sharp rises. If there is a deep bear season again, the level to watch is now $11747.
You can check out the onchain data and explanations.
Onchain analysis consist of data from blockchain markets, and only reflects bitcoin inflows and outflows to exchanges. These may be interpret both positive or negative, but does not include a certain market outlook whether bullish or bearish. All analysis shared above is for educational purposes, this post does not include any financial advice.