• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin On-Chain Data Hints Price Breakout Towards $11K

Phi Deltalytics' analogy took cues from Bitcoin's on-chain metrics – data that represents activities taking place atop the cryptocurrency's blockchain.

Yashu Gola by Yashu Gola
8 months ago
in Bitcoin, Technical analysis
Reading Time: 3min read
bitcoin, btcusd, xbtusd, btcusdt, cryptocurrency

Bitcoin On-Chain Data Hints Price Breakout Towards $11K

Advertisement
  • Bitcoin price can break above $10,000 even as it eyes a choppy price action in the weeks ahead.
  • The upside bias takes its cues from the crypto’s on-chain data, including higher buying strength, declining capitulation sentiment, and rising transactional volume.
  • Phi Deltalytics, an independent cryptocurrency analysis portal, sees Bitcoin hitting $11,700 in the coming sessions.

Bitcoin market’s short-term bias has flipped bearish following its extended downside correction from $10,500 to nearly $9,000 in June 2020. Observers anticipate the cryptocurrency to continue its decline towards $8,600, with some even suggesting a retest of $6,000.

But analysts at Phi Deltalytics think otherwise. The independent cryptocurrency analysis portal, which accurately predicted a strong Bitcoin price move towards $10,000 in September 2019, wrote on Monday that it sees BTC/USD hit $11,700 in the coming sessions.

Strong Bitcoin On-Chain Data

Phi Deltalytics’ analogy took cues from Bitcoin’s on-chain metrics – data that represents activities taking place atop the cryptocurrency’s blockchain. Phi Deltalytics summed up its bullish prediction based on three different data points: the Relative Strength Index, Hash Ribbons, and Transactional Volume.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The Relative Strength Index, or RSI, measures an asset’s overbought or oversold conditions based on its recent price changes. Meanwhile, Hash Ribbons shows the buying/selling sentiment among miners, the entities that run the Bitcoin blockchain in return for bitcoin token rewards.

Transactional Volume measures Bitcoin’s average on-chain volume data alongside metrics that point to whale involvement. The chart below shows these three indicators.

bitcoin, btcusd, xbtusd, btcusdt, cryptocurrency

Bitcoin price chart on TradingView.com showing its on-chain indicators. Source: Phi Deltalytics, TradingView.com

An analyst associated with Phi Deltalytics noted that each of the on-chain indicators envisioned Bitcoin at a near year-to-date high. Readings on the RSI stood neutral, while Hash Ribbons data flashed green, signaling a steep decline in capitulation sentiment among miners.

Meanwhile, the BTC Transactions reflected a stabilized sentiment. The analyst noted that it happens before every big price move to the upside. Excerpts from his note to traders:

“We believe the bear trend ended in December 2019. And if COVID didn’t happen, the bull trend starting point would have been the 7k range last year. Miner capitulation and on-chain volume cycles are two of the most accurate fundamental cycle measurements, and these show strong bullish signs since 7k.”

More Optimistic Indicators

As on-chain data confirm a bull trend, a few indicators outside the realm of Bitcoin’s blockchain are also hinting a similar market outlook.

At first, data on BitFinex crypto exchange’s order-book shows that buyers are waiting to enter the market on Bitcoin’s next dip towards $8,600. The move, should it happen, would help Bitcoin sustain its overall upside trend for the year. BTC/USD is trading about 40 percent higher on a YTD timeframe.

Optimistic news also came from Wall Street. According to independent reports, New York-based Grayscale Investment Trust has accumulated 9,879 BTC for their investment product in just a week. That is more than the number of BTC produced.

“Grayscale added 19,879 BTC to their Bitcoin Trust since last week (53,588 BTC since the halving). Bitcoin miners only produced 7,081 BTC since last week (39,544 BTC since halving),” confirmed market analyst Kevin Rooke.

The move points to a rising accumulation behavior by institutional investors.

Tags: bitcoinbtcusdBTCUSDTcryptocurrencyxbtusd
TweetShare14
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

bitcoin overvalued stock to flow

Bitcoin Currently Overvalued By Stock-To-Flow Standards

38 mins ago
bitcoin strong bull coinbase

Coinbase Bitcoin Outflows Are The Strongest Bullish Signal “Ever”

6 hours ago
Bitcoin Exchange Coinbase to Go Public; What Does It Mean for BTC/USD?

Bitcoin Exchange Coinbase to Go Public; What Does It Mean for BTC/USD?

12 hours ago
Bitcoin Sell-Off Resumes Ahead of Key Economic Data; What to Expect?

Bitcoin Sell-Off Resumes Ahead of Key Economic Data; What to Expect?

14 hours ago
Ethereum

TA: Ethereum Bulls Keeps Pushing, Why $1,720 Is The Key For Fresh Rally

20 hours ago
Bitcoin

TA: Bitcoin Consolidates Above $50K Why BTC Could Face Bears At $52K

22 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Oxygen Protocol to List OXY Tokens on BitMax

February 24, 2021

HOPR Hosts Global Token Launch Event on February 24th after First-Of-Its-Kind DAO Experiment

February 24, 2021

Egoras- a Decentralized Finance Ecosystem for Growing Markets!

February 23, 2021

Newsletter Signup


ABOUT US

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.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.