Users with a cost of $25750-$28515 on Onchain seem to be making high profits. The losses of users with a cost of $30335-$32088 has decreased. The larger the red spheres and the smaller the green spheres, the higher the chance of ascension. The larger the green spheres and the smaller the red spheres, the higher the probability of a drop. The level ranges where the spheres are located can work as strong support or strong resistance. Bitcoin seems to be close to the potential top location in short term.
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 current look looks positive in short term.
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 $48495. The support band price is $20206.
In our previous analysis, we stated that the MVRV Z-Score chart lost its short-term support and moved to stronger support. It seems to have took a very good reaction from the stronger support, but we can say that it is approaching potential resistances for the short term. If the next resistance is exceeded, it will want to go to the next resistance. This will be a positive movement for the price.
According to the data in this chart, Bitcoin moved to orange after holding on to the burgundy and purple bands. As the orange band held on, the bull season was experienced and progress to the turquoise band was seen. Today’s orange band support is $20206. This value also refers to the real value of Bitcoin as the “Realized Price”. In the previous bull seasons, bitcoin made the same movement, we will follow this time very closely what it gonna make as a movement.
Bitcoin has earned the 111 Daily Movement Average (111D MA) again. This is very positive progress for the price movement. Bitcoin shouldn’t lose this support as $27120 in next days. In the previous bull seasons, Bitcoin has moved to green band after earned the orange band. The Green Band is $44795 for now. We will follow if this movement comes up.
Bitcoin has lost the bearish band support in previous days and it dropped to $24750. But Bitcoin earned the Bearish Band Support again and rised so fast. It shouldn’t lose this support as $26530 for the sharp drops and It should earn the Bullish Band Support as $41000 for sharp rises.
NVT Golden Cross indicator moved to the strong support area during price decreases. Bitcoin hold that area and took a massive reaction from support zone. Now, it is moving to the middle band resistance. We will follow in the next days.
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.