• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
bitcoin price featured image
Nexo

Halving Strength: Bitcoin Holds Critical Levels In the $8,000s, Boosting Bull Case

Nick Chong by Nick Chong
2 years ago
in Bitcoin Price
0
Advertisement

Yesterday, just two days out from the long-awaited Bitcoin halving, the cryptocurrency market dove off a cliff. Within the span of about an hour or two, BTC fell about 15%, crushed by a cascade of selling orders.

It was a bearish move that liquidated hundreds of millions of dollars worth of leveraged positions. While Bitcoin has yet to recover, analysts have observed that Bitcoin has held key support levels in a strong boost to the short-term and medium-term bull case.

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

Bitcoin Maintains Critical Levels Despite Drop

Yesterday may have been brutal for the crypto market but Bitcoin maintained critically bullish levels, analysts have observed.

One trader shared the chart below, indicating that while the drop actually stopped at three critical levels: a historical resistance, an uptrend that formed at the $3,700 lows, and a liquidity region at $8,000. All this suggests that Bitcoin is primed to reverse back higher.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Another pointed to $8,530 as critical for Bitcoin. He explained that should BTC hold that level into Sunday’s close (as it just did), it will confirm a sweep of liquidity at a “pivotal level.”

“Lots riding on the next 24 hours. Want to see 12H, followed by the daily, close above $8530 to confirm a sweep into pivotal level. Close below and we have our first significant HTF break in MS to the downside since the bottom,” the trader wrote in reference to the chart below.

Bitcoin price chart
Chart from “HornHairs” (@CryptoHornhairs on Twitter)

On-Chain Metrics Remain Strong

Add to this the fact that Bitcoin’s on-chain metrics — which some say are better determinants of BTC’s value than technical analysis — are still overwhelmingly bullish.

Rafael Schultze-Kraft of Glassnode, a leading crypto analytics firm, observed that just a day out from the halving and “Bitcoin’s fundamentals are stronger than ever.” Here is some of what he found when comparing data from the time of the last halving to data from today:

  • Bitcoin’s new daily addresses count — indicative of users joining the network — is up 68%
  • The average count of daily transactions rose by 44%
  • The average value of daily transactions (U.S. dollar terms) has risen by 700%, which is reflective of the growth in BTC
  • Hash rate is up 6,837%
Table from Rafael Schultze-Kraft of Glassnode (@n3ocortex on Twitter). The table depicts a number of key on-chain metrics with data points from the time of the last halving (2016) and today, the next halving.

Schultze-Kraft’s conclusion was that “network fundamentals are compelling; long-term bullish [for] Bitcoin.”

Per previous reports from Bitcoinist, Bloomberg senior commodities strategist Mike McGlone noted that the on-chain indicators “point toward a firming Bitcoin price foundation.” McGlone specifically noted how the number of active addresses is reaching last year’s highs.

Although there isn’t a perfect relationship between addresses and BTC price, the Bloomberg analyst wrote that the recent surge suggests the asset is somewhat undervalued:

“On an autoscale basis since the end of 2018, addresses used indicate a BTC price closer to $12,000 vs. about $9,000 on May 4.”

Photo by Chris Hayashi on Unsplash
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for many years now. My pieces 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

Bitcoin Drops To $26K As Crypto Sell-Off Continues – Will The Slide Approach $25K?

2 months ago
Bitcoin price

Bitcoin Price Nosedives As Russian Missiles Strike Ukraine’s Cities

4 months ago
Crypto mining

Former Soviet Republic Is Primed For Crypto Mining, Despite Its Burgeoning Power Deficit

4 months ago
European Markets Regulator Urges The EU To Ban Proof-of-Work Bitcoin Mining

European Markets Regulator Urges The EU To Ban Proof-of-Work Bitcoin Mining

5 months ago
Bitcoin mining stocks, a coal mine

Bitcoin Mining Stocks Beat BTC Two-To-One in 2021 ROI

7 months ago
Price, The Bitcoinist Book Club logo

Bitcoinist Book Club: “The Bitcoin Standard” (Chapter 6, Part 1: Price)

11 months ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. 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.