Data Shows That Two On-Chain Metrics for BTC Hit 1-Month Lows

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Two On-Chain Metrics for BTC
  • Glassnode alerts posted updates regarding two on-chain metrics for BTC this morning.
  • According to the tweets, both on-chain metrics hit 1-month lows recently.
  • At press time, the crypto market leader’s price is trading just above $28k.

The blockchain intelligence firm glassnode alerts (@glassnodealerts) posted two tweets this morning regarding the crypto market leader. In the first tweet made this morning, glassnode alerts shared that the Mean Block Size (7d MA) for Bitcoin (BTC) just reached a 1-month low of 1,729,269.574.

The tweet added that the previous 1-month low of 1,729,395.639 was observed on 16 April 2023. Shortly after this post, glassnode alerts then tweeted that the Number of BTC Spent Outputs with a Lifespan of less than 1h (7d MA) also recently reached a 1-month low of 7,738.946.

At press time, CoinMarketCap shows that the price of BTC has dropped 3.16% over the last 24 hours. This 24-hour loss has also pushed BTC’s weekly price performance further into the red at -9.10%. As a result, the leading crypto’s price is currently trading around $28,004.17.

BTC’s dominance in the market also dropped, as the crypto’s dominance is estimated to be around 45.78% according to CoinMarketCap. This is a 0.25% drop in the crypto’s market dominance.

Daily chart for BTC/USDT
Daily chart for BTC/USDT (Source: TradingView)

BTC’s price has dropped below the 9-day and 20-day EMA lines over the last 24-36 hours. As a result, the crypto is resting on the key support level at $28k at press time. A drop below this level may result in BTC’s price dropping further to the next key support level at around $27,100 in the next 24-48 hours.

Technical indicators support this bearish thesis, as the 9-day EMA line is on the cusp of crossing bearishly below the 20-day EMA line. Furthermore, the daily RSI line has also crossed bearishly below the daily RSI SMA line recently.

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