. Daily Crypto Analysis - Bitcoin Holders Analyze $28,000 Reset and On-Chain Metrics

Daily Crypto Analysis – Bitcoin Holders Analyze $28,000 Reset and On-Chain Metrics

Daily Crypto Analysis – Bitcoin Holders Analyze $28,000 Reset and On-Chain Metrics

09 Oct 2023

introduction:

Bitcoin finds itself in a state of price fluctuation around $28,000, marked by uncertainty. Recent on-chain metrics indicate a neutral position for BTC. Bitcoin holders await a potential turning point in its price trajectory, setting the stage for significant market developments. In the broader crypto market, Ethereum experiences a dip and substantial liquidations, while Solana sees a sizable un-staking of $455 million ahead of SBF’s trial.

Bitcoin:

Bitcoin holders get clean slate.

The price of bitcoin fluctuates around $28,000 without exhibiting any directional bias.

BTC has a fresh start because the 7-day, 30-day, 90-day, and 180-day MVRV are all nearly zero.

At around $30,300 and $24,900, sell-side and buy-side liquidity are present respectively 10% and 9% away.

Bitcoin (BTC) price shows indecision as it trades roughly around the $28,000 level. A look at on-chain metrics reveals why sideways movement is predominant and that a sharp move in BTC is likely to arrive soon.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 27747.43 | Negative Crossover | Bearish
  • MA 20: 27626.84| Negative Crossover | Bearish
  • MA 50: 27251.51 | Positive Crossover | Bullish

Simple:

  • MA 5: 27803.15 | Negative Crossover | Bearish
  • MA 20: 27633.93| Negative Crossover | Bearish
  • MA 50: 27062.74 | Positive Crossover | Bullish

RSI (Relative Strength Index): 49.22| Buy Zone |Bullish

Stochastic Oscillator: 52.71 | Buy Zone | Negative

Resistance And Support Levels:

  • R1: 28,207.13| R2: 29,037.42
  • S1: 27,401.27 | S2: 26,375.63

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Stop Sell: 27108.23 | Take Profit: 26375.63 | Stop Loss: 27718.73.

Elsewhere In the Crypto Market

Ethereum price dips extends, liquidates $10M in long positions as exchange outflows skyrocket. Solana worth $455 million gets un-staked ahead of SBF trial.

Bitcoin down (1.5%) at 27,515.00, Ethereum down (2.44%) at 1,594.0, Litecoin down (2.94%) at 63.49, Solana down (0.92%) at 22.32, Doge coin down at (3.54%) at 0.58 as of writing time.

Key Economic Events & Data Release Today:

No Major key events today.