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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Bitcoin In ‘Neutral’ Zone: What This Means, According To Analyst

Semilore Faleti
Semilore Faleti
8 months ago
3 mins read
Bitcoin

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Created by industry experts and meticulously reviewed
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Este artículo también está disponible en español.

Bitcoin, the crypto market leader and largest digital asset, currently trades at $58,877 following a rather negligent price movement in the last day. According to data from CoinMarketCap, the premier cryptocurrency saw more lows than highs in August, resulting in an 8.46% decline over the month. As September begins, a CryptoQuant analyst with the username Grizzly has provided valuable insight into Bitcoin’s current price status and potential price action in the coming weeks.

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Puell Multiple Index Puts Bitcoin In Decision Zone

In an X post on Saturday, Grizzly stated that there is much uncertainty around Bitcoin’s movement based on data from the token’s Puell Multiple index. For context, the Puell Multiple Index is a Bitcoin trading indicator used to measure the profitability of miners and the broader market’s price trend. It is assessed by dividing the issuance value of Bitcoin by its 365-day moving average.

According to Grizzly, when this indicator ranks between 0.6 and 0.8, as it currently is, it indicates the BTC market is a “decision zone”, with an equal potential to initiate an uptrend or a downtrend. 

Generally, a dip below 0.6 indicates that Bitcoin miners are earning less than the historical average, mostly due to a decline in BTC price. Grizzly shares that such a scenario presents a good opportunity for Dollar-Cost Averaging (DCA), where investors buy Bitcoin incrementally to lower their average purchase cost over time.

Alternatively, a breakout above the 0.8 level indicates an increasing miner profitability, in tandem with rising Bitcoin prices. Based on historical price data, Grizzly states that such development usually represents the start of a bullish market.

Bitcoin
Source: CryptoQuant

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Crypto Market In Trouble As Analyst Predicts $1 Trillion Crash

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Bitcoin Whales Count Reach 17-Month High

In other news, amidst Bitcoin’s turbulent performance in the last month that have left many retail traders with losses, the number of market whales have maintained a steady growth.  According to data from on-chain analytics firm Santiment, there has been a net increase of 283 wallets holding 100+ BTC in August, bringing this metric to a 17-month high of 16,120.

An increase in market whales and asset accumulation indicates significant confidence in the token’s profitability in the long term. Thus, this rising level of BTC could be widely interpreted as a bullish signal for the coming months. However, price gains could be expected in Q4 as historical data indicates September may likely present another bearish phase.

As earlier stated Bitcoin continues to trade at around $58,877 with a 7.56% decline in the last week. Meanwhile, the asset’s trading volume is significantly down 61.93% and valued at $12.70 billion.

Bitcoin
BTC trading at $58,526 on the daily trading chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Forbes India, chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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