Users who buy bitcoin in the range of $27572-$29324 on Onchain seem to be highly profitable. Users with a cost of $29392-$30500 seem to be at a loss. 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 drop. The level ranges where the orbs are located can work as strong support or strong resistance.
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 cost of miners to mine Bitcoin is $22555. According to the current situation, miners are mining Bitcoin very profitable.
The Puell Multiple chart, which shows the profitability of miners, is currently at an intermediate resistance. This shows us that the profitability of the miners is high and they are likely to sell profits in the short run. The red area represents the potential end of a bull season, and the green area represents the potential end of a bear season.
Bitcoin has experienced a rise after its movement between the green and blue bands in the past, and then it rose up to the orange band. There is no certainty, but if the current price action is the same, today’s orange resistance is $47875. The support band price is $19950.
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 $24780 and the green band resistance is at $44330. We will be following which scenario will work.
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.