ApeWatcher News
  • Home
  • Advertise
  • Headlines
  • Crypto
    • News
    • Bitcoin
    • Ethereum
    • Altcoin
    • View All
  • DeFi
  • NFT
  • Metaverse
  • Guides
  • Rates
  • Videos
  • Listing Platform
  • BSC
  • CRO
  • ETH
  • BRC
  • Listing Platform
  • BSC
  • CRO
  • ETH
  • BRC
What's Hot

Polygon Teams Up With Ethereum-Based Crypto Project To Create Blockchain Dedicated to Gaming

March 22, 2023

Crypto Game Aavegotchi to Build Custom Blockchain Using Polygon Technology

March 22, 2023

Biggest Movers: XRP Surges to Strongest Point Since November

March 22, 2023
Twitter Telegram
  • Listing Platform
  • Home
  • BSC
  • CRO
  • ETH
  • BRC
Advertise
Twitter Telegram
ApeWatcher News
  • Headlines
  • Crypto
    1. News
    2. Bitcoin
    3. Ethereum
    4. Altcoin
    5. View All

    Polygon Teams Up With Ethereum-Based Crypto Project To Create Blockchain Dedicated to Gaming

    March 22, 2023

    Crypto Game Aavegotchi to Build Custom Blockchain Using Polygon Technology

    March 22, 2023

    Biggest Movers: XRP Surges to Strongest Point Since November

    March 22, 2023

    Today in Crypto: Chainlink Labs Partners with PwC Germany, Bitget Acquires BitKeep, Bitzlato Allows Users to Withdraw up to 50% of Assets, BANXA Joins Hands with BitMart

    March 22, 2023

    Traditional banks rely on ‘tiny buffer’: Paris Blockchain Week 2023

    March 22, 2023

    Tim Draper sings a Bitcoin song dedicated to SVB and world governments: PBW 2023

    March 22, 2023

    Cathie Wood’s ARK sells Coinbase stock for the first time in 2023

    March 22, 2023

    The impact of the Credit Suisse bank crisis on the crypto market

    March 22, 2023

    BitMEX Outlines Three Scenarios for Crypto This Year, Says Market Recovery a Likely Outcome

    March 22, 2023

    Arbitrum airdrop hype helps zkSync addresses jump over 5X in a week

    March 20, 2023

    Synthetix nets $20M from Web3 quant trading firm

    March 20, 2023

    These 5 cryptocurrencies may continue to surprise to the upside

    March 19, 2023

    Why is Cardano price up today?

    March 22, 2023

    Coinbase Adds Highly Anticipated Ethereum (ETH) Scaling Solution Token to Listing Roadmap

    March 22, 2023

    ‘Crypto FUD’ — Industry outraged as White House report slams crypto

    March 22, 2023

    Speculators flock to Arbitrum IOU tokens ahead of this week’s ARB airdrop

    March 21, 2023

    Polygon Teams Up With Ethereum-Based Crypto Project To Create Blockchain Dedicated to Gaming

    March 22, 2023

    Crypto Game Aavegotchi to Build Custom Blockchain Using Polygon Technology

    March 22, 2023

    Biggest Movers: XRP Surges to Strongest Point Since November

    March 22, 2023

    Today in Crypto: Chainlink Labs Partners with PwC Germany, Bitget Acquires BitKeep, Bitzlato Allows Users to Withdraw up to 50% of Assets, BANXA Joins Hands with BitMart

    March 22, 2023
  • DeFi
  • NFT
  • Metaverse
  • Guides
  • Rates
  • Videos

    Hottest ZK Crypto Altcoins (What Whales are Buying for Bull Run Gains)

    March 21, 2023

    Surprise XRP PUMP! (CBDCs BANNED Forever)

    March 21, 2023

    Coinbase 🤝 SBF?! #crypto #shiba #shorts #youtubeshorts

    March 21, 2023

    The Next 50x Altcoin – Ethereum’s SECRET Weapon!

    March 21, 2023

    Bitcoin price is going to $1,000,000! ⚡ Jack Mallers explains why

    March 20, 2023
  • jeet-detector-botJDB(JDB)
    $0.00-0.61% 24H
    JDB
    24H : -0.61%
    Volume : $0.00
    Marketcap : $0.00
  • bitcoinBitcoin(BTC)
    $0.000.700% 24H
    BITCOIN
    24H : 0.700%
    Volume : $0.00
    Marketcap : $0.00
  • ethereumEthereum(ETH)
    $0.00-0.62% 24H
    ETHEREUM
    24H : -0.62%
    Volume : $0.00
    Marketcap : $0.00
  • usdex-stablecoinUSDEX(USDEX)
    $0.00-0.47% 24H
    USDEX
    24H : -0.47%
    Volume : $0.00
    Marketcap : $0.00
  • tetherTether(USDT)
    $0.00-0.34% 24H
    TETHER
    24H : -0.34%
    Volume : $0.00
    Marketcap : $0.00
  • binancecoinBNB(BNB)
    $0.00-3.77% 24H
    BNB
    24H : -3.77%
    Volume : $0.00
    Marketcap : $0.00
  • usd-coinUSD Coin(USDC)
    $0.00-0.13% 24H
    USD COIN
    24H : -0.13%
    Volume : $0.00
    Marketcap : $0.00
  • rippleXRP(XRP)
    $0.00-0.36% 24H
    XRP
    24H : -0.36%
    Volume : $0.00
    Marketcap : $0.00
  • cardanoCardano(ADA)
    $0.006.27% 24H
    CARDANO
    24H : 6.27%
    Volume : $0.00
    Marketcap : $0.00
  • dogecoinDogecoin(DOGE)
    $0.003.03% 24H
    DOGECOIN
    24H : 3.03%
    Volume : $0.00
    Marketcap : $0.00
  • jeet-detector-botJDB(JDB)
    $0.00-0.61% 24H
    JDB
    24H : -0.61%
    Volume : $0.00
    Marketcap : $0.00
  • bitcoinBitcoin(BTC)
    $0.000.700% 24H
    BITCOIN
    24H : 0.700%
    Volume : $0.00
    Marketcap : $0.00
  • ethereumEthereum(ETH)
    $0.00-0.62% 24H
    ETHEREUM
    24H : -0.62%
    Volume : $0.00
    Marketcap : $0.00
  • usdex-stablecoinUSDEX(USDEX)
    $0.00-0.47% 24H
    USDEX
    24H : -0.47%
    Volume : $0.00
    Marketcap : $0.00
  • tetherTether(USDT)
    $0.00-0.34% 24H
    TETHER
    24H : -0.34%
    Volume : $0.00
    Marketcap : $0.00
  • binancecoinBNB(BNB)
    $0.00-3.77% 24H
    BNB
    24H : -3.77%
    Volume : $0.00
    Marketcap : $0.00
  • usd-coinUSD Coin(USDC)
    $0.00-0.13% 24H
    USD COIN
    24H : -0.13%
    Volume : $0.00
    Marketcap : $0.00
  • rippleXRP(XRP)
    $0.00-0.36% 24H
    XRP
    24H : -0.36%
    Volume : $0.00
    Marketcap : $0.00
  • cardanoCardano(ADA)
    $0.006.27% 24H
    CARDANO
    24H : 6.27%
    Volume : $0.00
    Marketcap : $0.00
  • dogecoinDogecoin(DOGE)
    $0.003.03% 24H
    DOGECOIN
    24H : 3.03%
    Volume : $0.00
    Marketcap : $0.00
ApeWatcher News
Home » These 3 metrics suggest the Bitcoin price crash is not over
Bitcoin

These 3 metrics suggest the Bitcoin price crash is not over

Coin TelegraphBy Coin TelegraphJuly 4, 20220 ViewsNo Comments
Share
Facebook Twitter LinkedIn Pinterest Email

Bitcoin (BTC) near $20,000 is worrying the market, but after narrowly avoiding breaking support, is the worst really over?

According to multiple on-chain indicators, it seems that max pain has yet to arrive this cycle.

The stakes are high for many hodlers this week — almost 50% of the supply is being held at a loss and miners are upping their shipments of BTC to exchanges.

Even some of Bitcoin’s biggest investors, notably MicroStrategy, are having to defend their conviction on BTC as price action tumbles.

With targets ranging as low as $11,000, Cointelegraph takes a look at how much further the market technically needs to drop to match historical bottom zones.

Weak hodlers still to be flushed out

Despite the drop to eighteen-month lows, Bitcoin price action has not yet shaken out all its speculators. According to the RHODL Ratio from Philip Swift, creator of on-chain analytics resource LookIntoBitcoin, more capitulation should be on the way.

This is because historically, the ratio between short-term and long-term hodlers has been more in favor of the latter at macro price bottoms.

RHODL specifically takes the ratio between the 1-week and the 1-2 year cohorts of the Realized Cap HODL Waves metric, which divides coins by when they last moved (weighted by realized price).

Essentially, once RHODL’s green zone is it, it suggests that capitulation is at its peak and that a price floor is imminent or already being set. So far, RHODL has yet to enter its green zone, data from on-chain analytics firm Glassnode shows.

Bitcoin RHODL Ratio chart. Source: Glassnode

Not enough hodlers are underwater

It may feel like the entire Bitcoin market is at a loss, but above $20,000, many are still holding onto what are likely meager gains, hoping for a rebound.

Fellow on-chain analytics platform CryptoQuant reveals that as of June 16, just 46% of the total BTC supply is being held at a loss.

This is impressive as a statistic in itself but not enough to call a macro capitulation event if historical patterns are taken into account.

According to CryptoQuant data, at least 60% of the supply needs to generate unrealized losses before it can be called capitulation — as was the case in March 2020, late 2018 and earlier.

Bitcoin percentage of supply in loss chart. Source: CryptoQuant

CryptoQuant CEO Ki Young Ju noted the significance of BTC/USD returning to its realized price last week. This event, two years in the making, signifies spot price going under the average price at which all coins last moved.

“Been waiting for this moment for 2 years since the great sell-off in March 2020,” he commented at the time.

No surrender for miners despite “impressive” exchange flows

Despite their production cost likely being closer to $30,000 than $20,000, Bitcoin miners have yet to start covering expenses with sales of hoarded BTC. Coins are moving to exchanges, however, at the highest rate in seven months, Cointelegraph recently reported.

Related: $30K BTC price has ‘severe impact’ on Bitcoin miner profits

As such, the Bitcoin network hash rate has not taken a serious dive yet, something common during periods of significant price pressure. 

The Hash Ribbons metric, created by asset manager Capriole CEO Charles Edwards, confirms the lack of trend.

Hash Ribbons use the 30-day and 60-day moving average of hash rate to determine when miner capitulation is occurring. Once the rising 30-day crosses above the 60-day, it can be assumed that the “worst” is over as miners return to work.

So far, that crossover is yet to happen, and historically, this means that max pain could lie ahead.

Bitcoin Hash Ribbons chart. Source: Glassnode

“Impressive bitcoin miner exchange flows,” economist, trader and entrepreneur Max Krueger, meanwhile, commented about miner activity this week:

“Many miners would be in deep trouble with $BTC in the teens, panicking yesterday in anticipation of 20k breaking makes sense.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.



Read the full article here

Follow us on Google News to get the latest Updates

 
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Traditional banks rely on ‘tiny buffer’: Paris Blockchain Week 2023

March 22, 2023

Tim Draper sings a Bitcoin song dedicated to SVB and world governments: PBW 2023

March 22, 2023

Cathie Wood’s ARK sells Coinbase stock for the first time in 2023

March 22, 2023

The impact of the Credit Suisse bank crisis on the crypto market

March 22, 2023

Bitcoin Breakout in Sight As BTC Flashes 2019-Style Accumulation, According to Top Analyst – But There’s a Catch

March 22, 2023

Bitcoin $30K bets greet FOMC as analyst warns over long liquidations

March 22, 2023
Add A Comment

Leave A Reply Cancel Reply

Top Articles

Polygon Teams Up With Ethereum-Based Crypto Project To Create Blockchain Dedicated to Gaming

March 22, 2023

Crypto Game Aavegotchi to Build Custom Blockchain Using Polygon Technology

March 22, 2023

Biggest Movers: XRP Surges to Strongest Point Since November

March 22, 2023
ApeWatcher News
Twitter Telegram
  • Privacy Policy
  • Sources
  • Terms and Conditions
  • Contact
  • Advertise
© 2023 Ape Watcher News

Type above and press Enter to search. Press Esc to cancel.