Bitcoin Price Stalls Below $9.2K but Data Shows Investors Are Bullish
Bitcoin price has stalled below $9,200 but onchain data, investor
sentiment, and BTC’s strong quarterly performance are bullish signals.
Earlier today Cointelegraph reported that “Bitcoin (BTC) price recorded its strongest second quarter performance in history” despite a startling crash to $3,750 on March 13.
Data from Skew also shows that Bitcoin currently has a quarter todate return of 42.39% and the digital asset remains the top-performer for 2020 with a 27.31% return.
Data from on-chain analytics provider glassnode also showed that since the Black Thursday crash, the total number of Bitcoin whales rose above the 2017 high to 1,800 over the last 3 months.
Another positive signal of investors’ sentiment towards Bitcoin comes from a recent survey conducted by crypto custodian Bitcoin IRA that shows 43% of the platform’s clients expect Bitcoin price to top $15,000 by the end of 2020.
After surveying 300 clients, the custody provider found that 57% of participants confirmed that they buy and hold crypto assets as a long term investment.
Each of these data points underscore the growing bullish sentiment surrounding Bitcoin price despite the short term price action showing the top ranked crypto asset trading in a neutral zone.
Bitcoin price continues to consolidate
At the time of writing, the price remains pinched in between the 20 MA and midline of a descending channel. The $9,200-$9,550 resistance cluster remains a hurdle for the digital asset to overcome.
As discussed previously by Cointelegraph Markets, the 4-hour and daily time frame Bollinger Bands show consolidation is taking place and Bitcoin is forming higher lows on the daily time frame despite trading volume being relatively flat.
In a recent Bitcoin market update to clients, Delphi Digital pointed out that “Bitcoin has been trading in a relatively tight range over the last month, spending a vast majority of time between low $9,000s and $10,000.”
The research group also pointed out that “BTC’s 30day volatility has dropped to its lowest level of the year, which historically has preceded sizable price moves as vol reverts.”
Delphi Digital also noted that as Bitcoin price consolidates between a key overhead resistance and crucial underlying support zone the intraday volatility decreased, suggesting that a strong directional move is imminent.
Volatility, COVID-19 and correlation
Since the coronavirus pandemic led to a sharp correction in equities markets in early March 2020, Bitcoin price action has followed that of traditional markets.
The strong rebound in BTC price from $3,750 to $10,350 occurred in tandem with the V-shaped recovery currently seen in the S&P 500 and the Dow.
Currently, crypto investors are deeply interested in whether the short-term correlation between the asset classes will remain or whether a decoupling will take place.
In private comments with Cointelegraph, Delphi Digital market analyst Kevin Kelly said:
read the full topic at
https://cointelegraph.com/news/bitcoin-price-stalls-below-92k-but-data-shows-investors-are-bullish
Follow me on
Linkedin: https://www.linkedin.com/in/crypto-expert20
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Earlier today Cointelegraph reported that “Bitcoin (BTC) price recorded its strongest second quarter performance in history” despite a startling crash to $3,750 on March 13.
Data from Skew also shows that Bitcoin currently has a quarter todate return of 42.39% and the digital asset remains the top-performer for 2020 with a 27.31% return.
Data from on-chain analytics provider glassnode also showed that since the Black Thursday crash, the total number of Bitcoin whales rose above the 2017 high to 1,800 over the last 3 months.
Another positive signal of investors’ sentiment towards Bitcoin comes from a recent survey conducted by crypto custodian Bitcoin IRA that shows 43% of the platform’s clients expect Bitcoin price to top $15,000 by the end of 2020.
After surveying 300 clients, the custody provider found that 57% of participants confirmed that they buy and hold crypto assets as a long term investment.
Each of these data points underscore the growing bullish sentiment surrounding Bitcoin price despite the short term price action showing the top ranked crypto asset trading in a neutral zone.
Bitcoin price continues to consolidate
At the time of writing, the price remains pinched in between the 20 MA and midline of a descending channel. The $9,200-$9,550 resistance cluster remains a hurdle for the digital asset to overcome.
As discussed previously by Cointelegraph Markets, the 4-hour and daily time frame Bollinger Bands show consolidation is taking place and Bitcoin is forming higher lows on the daily time frame despite trading volume being relatively flat.
In a recent Bitcoin market update to clients, Delphi Digital pointed out that “Bitcoin has been trading in a relatively tight range over the last month, spending a vast majority of time between low $9,000s and $10,000.”
The research group also pointed out that “BTC’s 30day volatility has dropped to its lowest level of the year, which historically has preceded sizable price moves as vol reverts.”
Delphi Digital also noted that as Bitcoin price consolidates between a key overhead resistance and crucial underlying support zone the intraday volatility decreased, suggesting that a strong directional move is imminent.
Volatility, COVID-19 and correlation
Since the coronavirus pandemic led to a sharp correction in equities markets in early March 2020, Bitcoin price action has followed that of traditional markets.
The strong rebound in BTC price from $3,750 to $10,350 occurred in tandem with the V-shaped recovery currently seen in the S&P 500 and the Dow.
Currently, crypto investors are deeply interested in whether the short-term correlation between the asset classes will remain or whether a decoupling will take place.
In private comments with Cointelegraph, Delphi Digital market analyst Kevin Kelly said:
read the full topic at
https://cointelegraph.com/news/bitcoin-price-stalls-below-92k-but-data-shows-investors-are-bullish
Follow me on
Twitter: https://twitter.com/cryptoexpert20
If you wont me to post your cryptocurrency article on my blog From the link
https://www.fiverr.com/cryptoexpert20/post-your-cryptocurrency-article-on-my-blog
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