We are a few hours away from the close and Bitcoin is struggling to hold on at $77,000. While the rise was paused, announcements came from Iran denying some of Trump’s statements. Iran is still making statements like “the US could not attempt a ground operation because we strengthened our border troops.” We will see big breaks until the evening hours on Sunday. So what’s the situation with on-chain? Crypto What’s on the investor’s agenda?
Agenda of cryptocurrencies
Santiment compiled the most talked about topics of the day and Bitcoin’s rise comes first. This is the first time we have seen such a move in 11 weeks, but 3 out of every 5 comments about Bitcoin pessimistic.
Individual investors are extremely worn out, and this is reflected in social media data. The constant denial of each other by the announcements pushed investors to be cautious, and that is exactly why today’s rise has calmed down. If a real deal is signed over the weekend that the two sides “DO NOT DENY”, we could see a bigger move than today’s rise.
Many traders, of BTC He is confident that it will “peak” around 84 thousand dollars at most. Since the market generally moves in the opposite direction, it is possible to see Bitcoin quickly exceed 84 thousand dollars and gain 90 thousand dollars. At least historical data give Santiment analysts the right to make such an inference.
Numerous factors have a say on the charts, including whether the US stock markets will continue to rise, whether the Clarity Act will be fully enacted, the outcome of the negotiations, and Trump’s visit to China. However, the most critical issue is the continuation of the decline in oil because as the process drags on, it increases the possibility that the energy cost will be reflected in other items and increase inflation in the medium term. This means possible interest rate increases.
Cryptocurrency on-chain
The April 17 rise was good, but since the last move, transfers of wallets holding more than 100 BTC to exchanges have accelerated. Maartunn thinks the price could be suppressed as so much BTC is flowing into exchanges. This activity has accelerated with recent bullish attempts and has intensified for the first time as the price moves higher.
of Bitcoin The MVRV ratio is currently around 1.37, indicating that BTC’s market cap is 37% above the average price the coins last moved at. We have seen this rise up to 68% in the past. However, MVRV is still below its 1-year moving average. What is the result? In past cycles, regaining that level has signaled the return of a bull market, so the rise we’re seeing these days indicates a restructuring rather than a market still ready to explode. In summary, we need more and we may not see big rallies anytime soon.
On the futures side, the higher BTC rises, the more aggressive short sellers become and funding rates become increasingly negative.
For most investors, around $78,000 is a reasonable point for short selling, as those who have been following this strategy for “months” have made profits. If they are wrong, those caught in it with reasonable leverage won’t be too upset because the bear markets will probably be over. If the bear markets have not come to an end and a new bull does not start, a new movement towards 60 thousand dollars will start at an attractive level. short They will have captured a position and will make a profit.
