Glassnode Data Attracts Attention: Which Way Do The Metrics Point For Bitcoin?

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The leading cryptocurrency Bitcoin, with the rising movements it has recorded in the last days, has broken down in its falling trend and pinned the price levels of $ 45,000. This rise in Bitcoin also gave an upward momentum to the crypto money market. After the last price movements recorded in Ethereum, it started to be traded at the price levels of $ 3,100.

Which Direction Do The Metrics Point To For Bitcoin?

According to Glassnode data, the number of bitcoins held by the Purpose Bitcoin ETF since early February has increased from 29,232 to 30,966, an increase of approximately 1,734, while addresses holding large amounts of Bitcoin in their portfolio have seen their holdings increase significantly over the past week. With the upward momentum in Bitcoin, the expectation of a rise in the market has also increased.

On the other hand, the “Bitcoin Fear and Greed Index,” an index that measures market sentiment, rose to the neutral zone with 48. The value increases recorded after the recent downward movements caused the fear and anxiety in the market to decrease significantly.

On-chain Analyst Highlights Technical Outlook

On-chain analyst Willy Woo drew attention to the trend break in RSI in a post he made on his Twitter account days ago. Evaluating the current situation in Bitcoin, the on-chain analyst stated that the demand-supply balance is at a historical level and that investors who trade in the futures market have probably stopped their sales.

Numerous cryptocurrency projects have announced significant partnerships and collaborations in recent days. In this context, there were also crypto assets that recorded high rates of increase in the last 24-hour period. This general upward trend in the market has given the cryptocurrency market a positive mood.

The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry risks due to their high volatility and should perform their transactions in line with their own research.