Users who buy bitcoin in the range of $27500-$29257 on Onchain seem to be highly profitable. Users with a cost of $29325-$31075 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. The values inside the spheres are the number of Bitcoins held in profit or loss in that price range.
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. Persistent movement above 1 in the last few weeks is very positive, but price action should also support it.
The cost of miners to mine Bitcoin is $22375. According to the current situation, miners are mining Bitcoin very profitable.
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 $48000. The support band price is $20000.
The Active Address Sentiment Indicator data seems to have received a reaction from a region close to the main support zone and headed upwards. It looks like it will try the mid-band resistance zone at the moment. If the uptrend continues, we will follow the resistance zone, if the downtrend continues, we will follow the support zone with significant price levels.
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 $25438 and the green band resistance is at $44287.
The level that Bitcoin must hold to maintain its bullish structure is $24252. It is expected to exceed the $37481 level in order to make even more sharp rises. If there is a deep bear season again, the level to watch is now $12126.
NVT Golden Cross seems to have gotten backlash from the risk zone again. It remains undecided in the main resistance and main support zone. We will watch strong resistance and strong support zones according to price action.
You can check out our Onchain Data and Explanations article.
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.
