Stocks Crash Can Stop $11.3K Bitcoin Price ‘In Its Tracks’ Report
In its latest weekly report, Glassnode warns that despite strong network fundamentals, Bitcoin remains at risk of a macro-induced plunge.
Bitcoin (BTC) is showing all the signs of further price gains but macro markets could still bring the bull run to an end, says Glassnode.
In its latest weekly update, The Week On-Chain, the analytics firm sounded the alarm about an external force “halting this bull run in its tracks.”
Glassnode: This may be the beginning of next BTC bull market
As BTC/USD challenged $11,500, Glassnode revealed various network fundamentals, which pointed the way to even stronger price performance.
Combined in its Glassnode Network Index (GNI) index, both liquidity and overall network health were decidedly bullish.
A lack of saving behavior among hodlers brought “sentiment,” another component of the index, lower.
Overall, however, general GNI stood at 73/100, a change of 3 points over the previous week.
Bitcoin stays macro-sensitive
Nonetheless, as buoyant as Bitcoin appeared, there was still room for historically sensitive factors to return to spoil the fun for investors.
“However, despite strong sentiment, a crash in traditional markets (as has been forecast by many analysts) could halt this bull run in its tracks, as we saw on Black Thursday in March,” Glassnode added.
Read the full topic at
https://cointelegraph.com/news/stocks-crash-can-stop-113k-bitcoin-price-in-its-tracks-report
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Bitcoin (BTC) is showing all the signs of further price gains but macro markets could still bring the bull run to an end, says Glassnode.
In its latest weekly update, The Week On-Chain, the analytics firm sounded the alarm about an external force “halting this bull run in its tracks.”
Glassnode: This may be the beginning of next BTC bull market
As BTC/USD challenged $11,500, Glassnode revealed various network fundamentals, which pointed the way to even stronger price performance.
A lack of saving behavior among hodlers brought “sentiment,” another component of the index, lower.
Overall, however, general GNI stood at 73/100, a change of 3 points over the previous week.
Bitcoin stays macro-sensitive
Nonetheless, as buoyant as Bitcoin appeared, there was still room for historically sensitive factors to return to spoil the fun for investors.
“However, despite strong sentiment, a crash in traditional markets (as has been forecast by many analysts) could halt this bull run in its tracks, as we saw on Black Thursday in March,” Glassnode added.
Read the full topic at
https://cointelegraph.com/news/stocks-crash-can-stop-113k-bitcoin-price-in-its-tracks-report
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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