'Bitcoin Never Halts': Glassnode Indicators Show Bullish Optimism


'Bitcoin Never Halts': Glassnode Indicators Show Bullish Optimism

  u.today 22 July 2024 12:59, UTC

Bitcoin’s technical stability is something many centralized systems can only dream about as the asset has been working without major outages for the last 15 years. In addition to the technical stability, BTC can offer monetary growth too, especially in the mid-term.

Market type: Bitcoin’s score on the market type metric is currently at 7, which is the same as it was last week but much lower than the 52-week average of 41. Compared to the volatility of the previous year, this suggests a comparatively stable market environment.

Banks can be shut down, but Bitcoin never halts.

While a global IT outage caused by CrowdStrike hit multiple sectors, exposing the weaknesses of centralized systems, #BTC kept going strong. Its decentralized nature helped it break price resistances as traditional markets… pic.twitter.com/RK7n88WCBR

— (@Negentropic_) July 22, 2024

Market risk: The environment is low-risk, as shown by the market risk indicator staying at zero. This represents a significant decline from the high-risk score of 50 last week and below the 52-week average of 22. This implies that in comparison to earlier this year, Bitcoin is now considered a safer investment option.

Price momentum: A bearish attitude is indicated by the price momentum metric, which reads -24. Even though this is still negative, it is better than the -60 from the previous week, showing a generally positive dynamic. The 52-week average is 18, indicating that even though the momentum is negative in the near term, there may be cause for hope when it turns positive.

On-chain fundamentals: With a score of 54, this area of the market is neutral. The 52-week average of 52 is in line with this score, which is similar to the one from last week. Based on the activity and health of the network, this stability in on-chain fundamentals points to a balanced outlook and a recovery potential for BTC.

Unfortunately, the market started this week on the wrong foot, with numerous assets entering minor corrections. Things may still improve since, usually, it takes a few days for inflows to kick in.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back To Top