NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

This Key Metric Suggests Bitcoin’s Bull Run Isn’t Stopping Soon

Rick Delafont
Rick Delafont
1 year ago
2 mins read
bitcoin crypto echo bubble fractal price chart bull market run

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.

The Bitcoin (BTC) price has been looking pretty bullish so far in 2020. The number one cryptocurrency just passed the $10,000 mark for the second time in less than a week.

Surging deposits at crypto exchange platforms have previously been a reasonable indicator of an approaching market top. By this logic it seems investors aren’t looking to sell just yet.

Exchange Deposit Figures Suggest Further Upside for Bitcoin

At the time of writing, Bitcoin just crossed $10,000 for the second time in a matter of days. Typically, bullish euphoria has swept the industry:

That’s it, I’m calling it!

We will never see Bitcoin below $10k again.

— hodlonaut 80 IQ 13%er 🌮⚡🔑 🐝 (@hodlonaut) February 11, 2020

Making a strong case for further Bitcoin upside is GlassNode. The crypto research firm highlights that previous Bitcoin market tops have been accompanied by surging deposits at digital asset trading venues.

A trend change to the downside (market top) would obviously require selling pressure to outweigh buying pressure. Since many investors need to deposit to be able to sell their holdings, GlassNode reasons that deposits increase at times when Bitcoin is overbought.

Historically, when #Bitcoin has approached local or global tops, we've seen increased deposits to exchanges as investors look to sell.

Not this time – there's no indication that $BTC is overvalued.https://t.co/aOD2RhyZR1 pic.twitter.com/NlJIOt758T

— glassnode (@glassnode) February 11, 2020

In the above tweet, GlassNode shows a seven-day moving average of exchange deposits from early 2017 to the present day. Overlaid is the BTC price.

The yellow sections represent local or global tops. True enough, exchange deposits did increase dramatically at each top during the period.

The indicator lines up with the June 2017 local top of almost $3,000, the September 2017 one at nearly $5,000, and the current all-time high of almost $20,000 in December 2017. Deposits also surged at the time of the post-crash bounce that failed to break $10,000 during 2018.

According to GlassNode’s data, deposits have been steadily falling since the previous local top of near $14,000 in July 2019. As the price has been trending upward during 2020, there has been no visible increase in the volume of deposits reported across exchanges.

GlassNode writes:

“Not this time – there’s no indication that BTC is overvalued.”

Things Looking Increasingly Bullish for BTC

It’s not just exchange deposits that make Bitcoin look likely to continue its upwards trend. As reported by NewsBTC last week, there are a number of factors behind the return of Bitcoin optimism.

Of course, chief amongst these is this year’s Bitcoin halving. Around every four years, the number of new Bitcoin added to the circulating supply with every block reduces.

This spring, the network will undergo its third halving to date. The block reward will drop to just 6.25 Bitcoin.

The abrupt drop in Bitcoin’s issuance rate has many industry observers excited. In fact, some even make a case for a $100,000 Bitcoin within less than two years from today.

Similarly, the Bitcoin hash rate has been growing rapidly regardless of BTC price. Close to the highest its ever been at the time of writing, the rising investment in hardware and electricity shows a highly optimistic BTC mining industry.

 

Related Reading: Bitcoin Price Just Surged 4% in Minutes Really Because of Bitfinex Maintenance

Featured Image from Shutterstock.
Tweet123Share237ShareSend
Rick Delafont
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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.

Related News

Trump crypto pensioenplan in gevaar? SEC bespreekt deadline

Trump crypto pensioenplan in gevaar? SEC bespreekt deadline

De spanning in Washington loopt op nu het Congres druk uitoefent op de Securities and Exchange Commission (SEC). De SEC...

Lars Diederiksen 1 hour ago

Previsioni Bitcoin: di Nuovo a un Punto Critico

Bitcoin si trova nuovamente a un punto di svolta, mentre il mercato fatica a riprendersi dalla forte pressione di vendita....

Orfeo Barone 2 hours ago
비트코인 가격 상승 가능성? 비트코인 하이퍼 프리세일에 투자자 유입 가속

비트코인 가격 상승 가능성? 비트코인 하이퍼 프리세일에 투자자 유입 가속

이달 중 비트코인($BTC) 가격이 12만 5천 달러를 넘어설 가능성이 약 25%에 달할 것이라는 예측이 분산형 베팅 플랫폼 폴리마켓(Polymarket)에 제기됐다. 다만 현 시...

Soyeon Lee 2 hours ago
Load More

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.

Related News

Bitcoin Faces Pressure as Taker Ratio Hits Lowest Level Since Last Cycle’s Peak

CEO Dismisses September Crash, Reveals Why The Bitcoin Price Is Headed For $150,000

Sandra White 12 minutes ago
Bitcoin Net Liquidations Stay Negative Near $40M: Analyst Warns Downside Still In Play

Bitcoin Net Liquidations Stay Negative Near $40M: Analyst Warns Downside Still In Play

Sebastian Villafuerte 1 hour ago
Binance's Aster Soars 1800% in a Week Despite Market Crash: Is Bitcoin Hyper Next?

New Perpetual DEX Protocols Avantis & Aster Surge Amid Market Pullback with Bitcoin Hyper Ready to Launch

Aaron Walker 1 hour ago

Premium Sponsors

Press Releases

  • Sezonul altcoin este aici. Acești trei factori sunt văzuți ca motoare ale raliului

    Sezonul altcoin este aici. Acești trei factori sunt...

    33 minutes ago
  • ドージコイン 今後の価格予測:ウォールストリートが注目する「1ドル圏」への道

    ドージコイン...

    3 hours ago
  • Сезонът на алткойните е тук. Три фактора се очаква да задвижат ралито

    Сезонът на алткойните е тук. Три...

    3 hours ago
  • リップル 今後の価格に重大な不安要素、新たに注目すべき仮想通貨とは

    リップル...

    3 hours ago
  • 投資家から1,700万ドル超を調達した注目の仮想通貨プレセール

    ...

    4 hours ago

Newsletter

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.

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.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 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.