Wednesday, March 22, 2023

Supply of BTC Last Active 5+ Years Ago Is at ATH: Glassnode Alerts

  • BTC’s price has slipped 0.29% over the last 24 hours.
  • The percent supply of BTC last active 5+ years ago is at an all-time high (ATH).
  • The price of BTC is trading above the 9 and 20-day EMA lines currently.

The price of Bitcoin (BTC) is down over the last 24 hours according to the crypto market tracking website, CoinMarketCap. At press time, the price of BTC stands at $17,730.97 after it experienced a small drop of 0.29%.

The daily trading volume for BTC has fallen as well, as the total is currently $26,051,553,985. This is a 0.66% decrease compared to what it was in the previous 24-hour cycle.

Activity around the crypto market leader can also be seen by another metric that was shared by the blockchain analytics firm, Glassnode Alerts. According to a tweet made by Glassnode Alerts this morning, the percent supply of BTC that was last active 5+ years ago has just reached an all-time high (ATH) of 26.541%.

BTC/USDT daily chart (Source: CoinMarketCap)

BTC’s price is currently trading above the 9-day and 20-day EMA lines after it received a price pump 2 days ago. This pump saw BTC’s price rise from a low of $17,080.14 to close off the trading session at $17,774.70. The market leader’s price has retraced slightly since then.

The 9-day EMA positioned above the 20-day EMA is still a bullish sign that investors should take note of. However, the daily RSI line is sloped negatively towards oversold at press time.

Given the slope of the daily RSI line and the sell volume that has entered BTC’s chart today, it’s fair to say that its price may drop slightly more. A potential target for the retracement is the 9-day EMA which is around $17,325.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

  • BTC’s price has slipped 0.29% over the last 24 hours.
  • The percent supply of BTC last active 5+ years ago is at an all-time high (ATH).
  • The price of BTC is trading above the 9 and 20-day EMA lines currently.

The price of Bitcoin (BTC) is down over the last 24 hours according to the crypto market tracking website, CoinMarketCap. At press time, the price of BTC stands at $17,730.97 after it experienced a small drop of 0.29%.

The daily trading volume for BTC has fallen as well, as the total is currently $26,051,553,985. This is a 0.66% decrease compared to what it was in the previous 24-hour cycle.

Activity around the crypto market leader can also be seen by another metric that was shared by the blockchain analytics firm, Glassnode Alerts. According to a tweet made by Glassnode Alerts this morning, the percent supply of BTC that was last active 5+ years ago has just reached an all-time high (ATH) of 26.541%.

BTC/USDT daily chart (Source: CoinMarketCap)

BTC’s price is currently trading above the 9-day and 20-day EMA lines after it received a price pump 2 days ago. This pump saw BTC’s price rise from a low of $17,080.14 to close off the trading session at $17,774.70. The market leader’s price has retraced slightly since then.

The 9-day EMA positioned above the 20-day EMA is still a bullish sign that investors should take note of. However, the daily RSI line is sloped negatively towards oversold at press time.

Given the slope of the daily RSI line and the sell volume that has entered BTC’s chart today, it’s fair to say that its price may drop slightly more. A potential target for the retracement is the 9-day EMA which is around $17,325.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

 

Latest news