Bitcoin has fallen in recent days after news revealed that OKEx had frozen withdrawals. The price of the leading cryptocurrency dropped from $ 11,750 to $ 11,450 where it is now. The leading cryptocurrency is poised to appreciate in the long term despite short-term weakness. A crypto asset analyst pointed out that there is a confluence of trends on the chain showing that Bitcoin is bullish. Four of those metrics are as follows.
Bitcoin on-chain trends are bullish, data shows
Citing data from blockchain analytics firm CryptoQuant, a crypto asset analyst believes that Bitcoin remains in a macro uptrend. Recently, he shared a confluence of chain trends that show why this is the case. Four of these trends are as follows: The “whale exchange rate,” which tracks the amount of Bitcoin that large holders have deposited on exchanges, is currently low. This metric is the lowest since the 2018 lows, suggesting that there is minimal selling pressure from the big holders. The amount of BTC that miners are sending to exchanges is currently at its lowest point since March 2017. This suggests that, in general, miners think that Bitcoin will appreciate and therefore are not hedging their holdings. selling coins. Simultaneously, mining reserves have rapidly declined, suggesting they have little “ammunition to pull.” It may be that Bitcoin miners are making OTC deals, which is corroborated by the large number of high-profile Bitcoin accumulation advertisements. Finally, the market capitalization of stablecoins has exploded in recent months. This suggests that there is money on the sidelines to buy Bitcoin and other crypto assets.
The hash rate underlies the uptrend
Corroborating the bullish sentiment shared by the previous analyst, Bitcoin’s hash rate has continued to climb. BitInfo Charts, a leading data provider in the crypto space, reported that on October 15, the hash rate of the Bitcoin network set a new all-time high above 157 exahashes per second. This has risen many dozen percent since the beginning of 2020, cementing the bullish sentiment from miners. Crucial to this hash rate growth is further investment in the digital asset mining space. Announced on October 13, the cryptocurrency mining company Marathon Patent Group partnered with an energy company to launch a Bitcoin mining farm. This farm will be installed near a plant of its partner, Beowulf, where electricity will be obtained at a rate of $ 0.028 / kWh. This new farm will support more than 0,000 S19 Pro Antminers, which can generate 3,320 exahashes per second in total. 3.32 exahashes per second is around 2-2.5% of the network’s total hash rate on any given day. Featured Image from Shutterstock Price Tags: Xbtusd, btcusd, btcusdt TradingView.com Charts 4 Crucial Trends On Chain Show Bitcoin Trend Is Bullish
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