{"id":422859,"date":"2020-05-06T01:00:30","date_gmt":"2020-05-06T01:00:30","guid":{"rendered":"https:\/\/wncen.com\/?p=422859"},"modified":"2024-06-11T13:48:19","modified_gmt":"2024-06-11T13:48:19","slug":"these-network-indicators-show-that-bitcoin-has-serious-strength","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/these-network-indicators-show-that-bitcoin-has-serious-strength\/","title":{"rendered":"These Network Indicators Show that Bitcoin has Serious Strength"},"content":{"rendered":"
Bitcoin is once again in the process of peeking above the $9,000 level. The resistance that has been established at just above this price point has proven to be rather significant, as BTC has faced multiple harsh rejections at $9,200 and $9,500.<\/p>\n
Analysts are now noting that the cryptocurrency could be well positioned to see further upside as it begins forming a market structure that heavily favors buyers.<\/p>\n
BTC\u2019s current technical strength could soon allow the crypto to push past the $10,000 region.<\/p>\n
This comes as network indicators begin to flash bull-favoring signs for the benchmark crypto<\/a>, showing that it has laid the groundworks for what could prove to be a highly sustainable uptrend.<\/p>\n At the time of writing, Bitcoin<\/a> is trading up just under 1% at its current price<\/a> of $9,000.<\/p>\n Buyers are in the process of once again attempting to push BTC above this level, with daily visits here all being followed by sharp declines back to $8,800.<\/p>\n It does appear that a continuance of the cryptocurrency\u2019s strong uptrend could be just around the corner. This comes as several network indicators signal that this 130% rally from BTC\u2019s March lows has been driven by growing fundamental strength.<\/p>\n Blockchain analytics platform Glassnode spoke about this undercurrent of strength in a recent post on Twitter<\/a>, pointing to their Network Indicator\u2019s (GNI) strength while explaining that the recent uptrend has been backed by strong network fundamentals.<\/p>\n \u201cGNI is high, indicating BTC’s recent price action was backed by strong network fundamentals. Subindices increased steadily through April, but liquidity is trailing – leaving room for volatility. Increased growth in liquidity would build strong foundations for a bullish scenario,\u201d they explained.<\/p><\/blockquote>\nBitcoin Shows Signs of Immense Underlying Strength as Momentum Builds<\/strong>\u00a0<\/strong><\/h2>\n