Since rebounding from its Lows in March, Bitcoin has struggled to move higher which keeping ups and downs in a range of $9,000 to $10,000.Despite the money pumped into the market by central Banks, bitcoin has yet to reach its five-figure value. This time, investors are either putting all their cash in the bank or pushing up the share prices, even include the share prices from the bankrupt companies.
Lucian, chief analysis at BitOffer, trust
Bitcoin will be keeping the rise in the long-term. He advises that don't be distracted by the short-term price and to focus on the further future.
We could compare with a series of charts depicting this growing confidence from the investors.
Starting with the supply record, 61% of the bitcoin supply has been unchanged for more than a year.
The high level of this record is a clear sign that investors are looking for the higher value. In addition, 44% of the bitcoin supplies has not moved in more than two years, which close to the all-time high again. Meanwhile, nearly 30% of supplies have not moved in more than three years.
The number of bitcoin destroyed per day has been declining since the bull market of 2017 and is now at its lowest level since 2016 (the lower the CDD means the more long-term hoarders). Bitcoin Coin days Destroyed is the number of Bitcoin traded on the chain multiplied by the number of days the currency was held. The greater the number indicates the greater the risk of selling pressure on the secondary market.
Another indicator of long-term investors' high confidence in Bitcoin is the reserve risk, which at current levels suggests a ratio of attractive risk/return.
MVRV is the ratio of the market value of a digital currency asset to its realized value. It can be used to help measure the market tops and bottoms of digital currency assets, and 1 is an important cut-off point for MVRV. The MVRV above 1 indicates that the average market valuation of speculators is higher than that of holders. The MVRV below 1 indicates that the market valuation of the holder is higher than that of the current speculator.
After a long bear market, it usually falls below 1. The MVRV long/short difference represents the point at which the average short- and long-term trader get the profit.
Active indicators increase as long-term investors unwind positions and decrease as long-term investors accumulate holdings. Since 2019, activity indicators have shown a downward trend.
In fact, the number of occupied and lost bitcoins has grown 8% since the beginning of 2019 and is now more than 7.3 million, which is 40% of the bitcoin supply in circulation. The Bitcoin Hodler has been accumulating heavily this year, according to the chart, the change in BTC Hodler's data has been negative for only 16 days.
In the process, the average age at which bitcoin moves along the chain has been falling since 2018, according to MSOL.
Meanwhile, the amount of bitcoin that transferred through the chain has stagnated since 2016, despite the growth of the web, which is a clear indication of
people reluctant to spend their Bitcoin.Furthermore,
Bitcoin's velocity, which measures the speed of units of assets moving through the network shows that it has fallen to its lowest level in a decade.
The balances of Bitcoin on varies exchanges have been falling since March, possibly in part because investors have chosen to host their own bitcoins. So overall, the market is bullish for the long term, with investors piling up the leading cryptocurrency to wait for the next big bull market.
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Topic: BitOffer: why we having faith about Bitcoin even when it goes down (Read 2278 times)