• 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

There’s Heavy On-Chain Support, Even If the Bitcoin Price Falls 10%

Nick Chong by Nick Chong
8 months ago
in Bitcoin
Reading Time: 3min read
ethereum
Advertisement

It seems that many crypto traders are preparing for an imminent pullback in the price of Bitcoin.

The cryptocurrency once again sustained a rejection at $9,500, which quickly deflated the expectations of a bullish breakout.

One crypto technician shared the image below on July 9th, showing that there was recently an influx of short positions opening. The funding rate of BitMEX’s Bitcoin market dropped from 0.01% towards 0.00%, suggesting bears were becoming aggressive. Also, the “cumulative longs and shorts delta” went well into the negative.

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

Image

BTC futures positioning data shared by trader "Byzantine General" (@ByzGeneral on Twitter).

Yet, on-chain data suggests that there remains strong on-chain support below Bitcoin’s current range.

Related Reading: Crypto Tidbits: TikTok’s Dogecoin Craze, Coinbase on Stock Markets, BTC Holds $9k

Bitcoin Has Crucial On-Chain Supports From $8,200 to Current Prices

According to a cryptocurrency technician, there is “quite a bit of support” for Bitcoin from $8,300 to $9,300/9,400.

He shared the chart below from “Whale Map,” a website that attempts to use on-chain data to derive price signals.

The chart shows that there are large clusters of “unspent” Bitcoin at $8,200, $8,800, and $9,300. There are also smaller clusters around $8,500 and $9,000.

“Big bubbles are usually pivotal levels,” the trader who shared the chart said on the data’s significance.

Image

Chart of BTC price + clusters of "unspent BTC" shared by trader "Byzantine General" (@ByzGeneral on Twitter).

There Are More On-Chain Metrics Signaling Strength

The clusters of “unspent Bitcoins” aren’t the only on-chain signals supporting the Bitcoin bull case.

Independent on-chain analyst Philip Swift noted in May that the Dynamic Range NVT Signal entered into a zone indicating an imminent bull market:

“Dynamic Range NVTS has been closing up above the lower green band. This is high time frame bullish. Previous NVT Signal lost its efficacy over time. This version with dynamic bands is much more useful as an oversold/overbought tool for strategic investing,” Swift wrote.

Chart from Philip Swift of Bitcoin's macro price action alongside the Dynamic Range NVTS indicator.

Chart from Philip Swift of Bitcoin’s macro price action alongside the Dynamic Range NVTS indicator. Chart from TradingView.com

This has been further corroborated by data shared by Rafael Schultze, the chief technical officer of blockchain analytics firm Glassnode.

Near the end of June, he shared 12 metrics showing BTC investors remain confident and have continued to “HODL.” Some of those metrics are as follows:

  • More than 61% of all BTC in circulation has not moved in over a year. This means there has been a decrease in potential sell pressure.
  • Addresses deemed “HODLer” addresses continue to accumulate Bitcoin, despite the uncertain price action.
  • BTC’s network velocity has reached 10-year lows.
Related Reading: By Definition, BTC Is Still in a Bear Market: Why This Will Soon Change
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
There's Heavy On-Chain Support, Even If the Bitcoin Price Falls 10%
Tags: bitcoin pricebtcusdBTCUSDTxbtusd
TweetShare
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
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin Analyst Explains Why Traders Should Buy Altcoins All March

Bitcoin Analyst Explains Why Traders Should Buy Altcoins All March

2 days ago
Bitcoin Exchange Suffers Massive Outflow as BTC/USD Drops

Bitcoin Exchange Suffers Massive Outflow as BTC/USD Drops

2 days 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?

3 days 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?

3 days ago
bitcoin collateral

Summing Up The Case For Bitcoin As The Future Of Collateral

3 days ago
Bitcoin Hopes to Retest Record Highs After Powell’s Testimony; Here’s Why

Bitcoin Hopes to Retest Record Highs After Powell’s Testimony; Here’s Why

4 days 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

What Will Happen to Oil Production and Distribution in 2021, and How Can You Make a Profit on It

February 28, 2021

Bitcoin Gaming Platform FreeBitco.in Acquires 3.75 Billion FUN Tokens

February 26, 2021

60-Minute IFO, 187 Times Over-Raised, 40 Times the Price, 98 Million US Dollar Marketcap: Berry Data Has Become a Bright Star on BSC

February 26, 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.