Technical and fundamental data confirm upward trend for Bitcoin
The rally of Bitcoin on Friday, which marked one of the largest increases since the inception of Bitcoin, has launched futures trading on new all-time highs. Both Binance, as well as Bakkt reported record volumes. In addition, several other indicators show a bullish Trend.
After the week-long Sideways and downward trend of the past weeks is now again swing in the Bitcoin market. The Bitcoin Blockchain after the big boom of 25. and 26. October, which catapulted the price of BTC of 7,300 USD to temporarily 10.500 USD in less than 24 hours, a new influx of network activity recorded. An On-Chain-Analyst says, that these signals could be a sign that the bears are losing control of the market.
Is the Bitcoin rally this weekend, was accompanied by a significant increase in the use of the Bitcoin network, so Charlie Morris, founder of the crypto-analysis side byte tree. The metrics of his site show that the Bitcoin fees since the 26. October by 43 per cent, of the value of the sent crypto-currency has risen by 66 percent, and the network speed has reached 747 percent. Morris also said that the speed is an “indicator of how active each [coin] moves through the Ecosystem”.
Morris‘ use of On-Chain-analysis to try to determine the direction of the crypto currency market is similar to the Thesis of Willy Woo from Adaptive Capital, has become known for On Chain to use metrics to predict price movements. However, not only On Chain metrics show that Bitcoin is gaining upward momentum. A number of popular analysts have confirmed the idea that the crypto currency bear came to rest by attention to technical and fundamental factors.
Alex Kruger, for example, said in the course of the movement on 25. October, that “the BTC bear trend is technically over,” and referred to the downward trend, which Bitcoin has brought about four months of 14,000 USD 7,300 USD. In fact, the recent Pump of Bitcoin to 10,500 USD had a number of positive effects on the technical indicators of BTC.
On the fundamental side of the market, both Binance, as well as Bakkt have recorded new records. The Binance Futures exceeded the milestone of one billion U.S. dollars rose on Friday within 24 hours to 1.14 billion dollars, with 165.000 BTCs were traded within 24 hours, which led to a strong interest in BTC for the new platform indicated at 24. September debuted. Meanwhile, the Newcomer, another all-time Bakkt high of 1.183 traded contracts in daily trading volume of its Bitcoin Futures, which marked his second record day in a week.
Adam White, Chief Operating Officer of Bakkt, hinted at other new products and partnerships of the platform, while the Bakkt redeems seemingly slowly but surely, his promise of “big money” from Wall Street into the Bitcoin market. White said:
The Start-up in September was a milestone, but not the finish line. The hard work of market development – take place in the coming months, along with new products and contracts.
Most of the investors ‘ hodl’t
According to a recent Tweet from Rafael Schultze-Kraft of the crypto-currency Analytics platform Glassnode, retains a large majority of Bitcoin investors of their Bitcoins, according to the Motto “Hodler keep on HODLing”. Schultze-Kraft noted that, on average, “only 1.7% of the expenditures in this month were older than six months”. In other words, 98.3% of all the “On-Chain activities this month were the result of UTXOs that were created in the last half of the year.”
#Bitcoin
Despite the crazy price action this week, Hodler keep on hodling.
On average, only 1.7% of spent outputs this month were older than 6 months.
That is, 98.3% of all on–chain activity-what is due to UTXOs created within the last half year.
Data: https://t.co/jlwo4vqmvL pic.twitter.com/b2SN8UHfMR
Rafael Schultze-Kraft (@n3ocortex) October 27, 2019
Featured Image: Wit Olzewski | Shutterstock
