• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
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
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • 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
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
  • 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
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • 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
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
bitcoin price

The On-Chain Case for an Imminent Bitcoin Bull Market Just Gained Strength

Nick Chong
by Nick Chong
5 years ago
·
Posted in Bitcoin Price
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin’s price action has been extremely boring over the past two months. The crypto has been range-bound, barely deviating from a medium-term range as bulls and bears duke it out.

Bitcoin
Chart of BTC’s price action over recent months by Josh Rager (@Josh_rager on Twitter). Chart from Tradingview.com

This comes in spite of the fact that by multiple on-chain measures, Bitcoin is stronger than ever.

On-Chain Case For a Bitcoin Bull Market Grows Even Further

The CTO of blockchain data firm Glassnode, Rafael Schultze-Kraft observed on July 1st that Bitcoin is strengthening from an on-chain perspective. He observed the following four statistics, all of which have reached notable highs:

  • Hourly new BTC addresses: two-year high
  • Hourly active BTC addresses: one-year high
  • Hourly count of transactions: 10-month high
  • Hourly spent outputs with a lifespan between 1 hour and 24 hours: an all-time high
Bitcoin
Four BTC statistics reaching notable highs as observed by Rafael Schultze-Kraft, the CTO of Glassnode

It isn’t clear why this taking place now, yet there are other on-chain trends signaling fundamental strength for Bitcoin.

As reported by Bitcoinist previously, on-chain analyst Philip Swift noted that the amount of BTC being “HODLed” has reached an all-time high.

“Bitcoin 1yr HODL new ATH!! We have reached a new all-time high, with 62% of bitcoin not moving on-chain for at least 1 year. Strong hands from hodl’ers! Such high levels of HODL’ing have been present at the start of previous Bitcoin bull runs,” Swift wrote on the matter.

Bitcoin
Bitcoin 1 year+ HODL Wave indicator from on-chain analyst Philip Swift (@PositiveCrypto on Twitter)

A separate analysis from Schultze-Kraft corroborated this trend.

Data from Glassnode he shared indicated that HODLers have accumulated Bitcoin 90% of the days in 2020. Adding to this, there has been a mass exodus of BTC from exchanges, indicating a decreasing propensity to sell the cryptocurrency.

What’s Holding BTC Back?

If the cryptocurrency is seeing increased usage as both a medium of transfer and a store of wealth, what is holding Bitcoin back?

At least for the time being, it seems to be uncertainty in traditional markets.

Analysts have observed over recent months that a correlation has formed between the S&P 500 and BTC. That’s to say, the cryptocurrency’s directionality has effectively been decided by the equities market.

The image below from digital asset manager Charles Edwards depicts this correlation.

BItcoin
Chart from Tradingview.com

JP Morgan analysts have also observed the correlation. A group of strategists at the bank argued in a June 11th note that since March’s crash, “Cryptocurrencies have traded more like risky assets like equities—a significant change relative to the prior couple of years.”

With the S&P 500 still ping-ponging between 3,000 and 3,200 while pandemic fears still exist, BTC has stagnated as well.

Featured Image from Shutterstock
Charts from TradingView.com
Price tags: xbtusd, btcusd, btcusdt
Stuck in the $9,000s, Bitcoin Isn't Reacting to Strong On-Chain Stats
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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

Follow

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.

Full Profile

Related Posts

cena bitcoinu nove historicke maximum ATH 123 tisíc dolárov

Cena Bitcoinu dnes vyskočila nad 123 000 $. Začína „krypto týždeň“

1 month ago
Bitcoin price

Bitcoin Price To Regain Upward Momentum? These Bitfinex Longs May Hold The Answer

3 months ago
bitcoin

Bitcoin Price Drops With Fed Rate Cuts On The Horizon: Calm Before The Storm?

11 months ago
bitcoin

Bitcoin Open Interest Growth Lags As Price Rebounds: Here’s What It Means For BTC

11 months ago
bitcoin

Bitcoin’s Four-Year Cycle Declared Dead By Outlier Ventures, Here’s Why

1 year ago
Bitcoin Might Not Benefit From Federal Reserve Rate Cuts, Former BitMEX CEO Explains Why

Bitcoin Might Not Benefit From Federal Reserve Rate Cuts, Former BitMEX CEO Explains Why

1 year ago
Please login to join discussion

Premium Sponsors

Press Releases

  • miner

    XRP price battles for key support levels, with holders...

    1 day ago
  • miner

    Global Investors Tap BAY Miner App for BTC and XRP Monthly...

    1 day ago
  • Cloud Mining

    From Holding to Profit: How XRP Earns $27,000 Daily from...

    2 days ago
  • minwer

    XRP Holders Can Earn $10,000 a Day Through COME...

    2 days ago
  • BTC prices hit a two-week high, and holders flocked to GMO...

    2 days 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

Categories

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

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 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
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • 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
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 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.