Analytical metrics indicate the upcoming Bitcoin exchange rate

The analytical service Glassnode presented a new weekly report, in which it noted the continued stabilityBitcoin (BTC) exchange rate while improving the fundamental picture.

In the considered segment developedThe Glassnode GNI index, which tracks a number of metrics at the blockchain level, grew one point and reached 56 points. This is due to an increase in the mood sub-index and a slight increase in the network’s health metric. The last factor was influenced by an increase in the number of active and the accession of new blockchain participants.

Investor sentiment declined throughoutthe previous two weeks, however, during the last week the negative dynamics were disrupted, primarily due to the increased tendency of investors to keep the cryptocurrency.

At the same time, liquidity fell by 6 points. This effect was caused by the fall in deposits on cryptocurrency exchanges and blockchain transactions.

A tool developed by Glassnode called Compass has remained in bull territory for six weeks. Over the past week, there has been a shift closer to the neutral zone.

</p>

“Despite this slight decline, the blockchain indicators and prices remain optimistic,– analysts write.

Although BTC remains surprisingly stable inover the past couple of months, indicators indicate an inevitable breakthrough, while fundamental indicators are strong. Nonetheless, external factors, such as the not yet confirmed correlation of bitcoin with traditional financial markets, suggest that uncertainty persists despite positive signals from the market. ”

Glassnode previously noted an increase in the number of Bitcoin holders that met the definition of whale.

</p>

Rate this publication