Bitcoin’s recovery from January’s lows was driven by a broad set of metrics indicating the asset was historically undervalued, and by a sharp rise in new addresses, according to Glassnode analysts.
As #Bitcoin prices bounce off multi-month lows, we investigate likely driving mechanisms, and evaluate a number of floor price models for $BTC.
In this analysis we seek to assess whether a #Bitcoin bottom is in, or not.
Read more in The Week Onchain👇https://t.co/ip2KD8ZccP
— glassnode (@glassnode) February 7, 2022
The $30,000–$40,000 range established during the January–February correction in 2021 and 2022 has repeatedly served as a strong support zone.
About 2.35 million BTC (12.41% of the supply) moved into investors’ wallets in the $36,200–$41,200 zone; 4.775 million BTC (25.2%) — at higher levels and at the time of writing were “unprofitable” for their holders.
The 30-day moving average of daily price increments in January dipped below the 30% threshold, a level historically interpreted as oversold. In the past five years, such a signal has occurred five times.
The futures market contributed little to the turn in price dynamics, as short-position liquidations were modest, and open interest in futures remained elevated — $15 billion, or 1.91% of market capitalization.
Ежедневные темпы роста числа новых биткоин-адресов в январе-феврале превысили характерные для периода аккумулирования ходлерами ~15 000, составив ~18 500. До 2021 года подобные эпизоды наблюдались в периоды коррекций бычьего рынка в первом-втором кварталах и во время May crash. Текущее повышение показателя можно объяснить возобновлением интереса к покупке после снижения цены к более привлекательным уровням.
The on-chain indicator STH-SOPR crossed from below to above the 1 mark for the first time since the end of November. This signals improving market sentiment and that most investors are taking profits, not losses. For more than two months, holders who bought BTC less than 155 days ago have been selling them at prices below their purchase prices.
On February 8, the price of Bitcoin surpassed the $45,000 mark.
Earlier, Fundstrat analysts predicted Bitcoin reaching a local bottom in the coming months.
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