{"id":428654,"date":"2020-06-26T15:02:55","date_gmt":"2020-06-26T15:02:55","guid":{"rendered":"https:\/\/wncen.com\/?p=428654"},"modified":"2024-06-11T12:22:38","modified_gmt":"2024-06-11T12:22:38","slug":"why-bitcoins-network-activity-is-suggesting-the-arrival-of-major-price-action","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-bitcoins-network-activity-is-suggesting-the-arrival-of-major-price-action\/","title":{"rendered":"Why Bitcoin’s Network Activity Is Suggesting the Arrival of Major Price Action"},"content":{"rendered":"

Market participants are becoming overwhelmingly concerned<\/a> about a 22,000 BTC transaction<\/a> that was made by the perpetrators of the PlusToken Ponzi scheme. The last time the individuals behind this scam moved such a significant number of tokens were back in mid-February.<\/p>\n

During that time, roughly 12,000 BTC, worth $117 million, was transferred<\/a> to an unknown address associated with mixer deposits. Following the transaction, Bitcoin peaked at a high of $10,500 and entered a downward trend that saw its price drop by nearly 70%.<\/p>\n

Ergo<\/a>, an on-chain data analyst, had previously noted that there is a strong correlation between the price of Bitcoin and PlusToken\u2019s selling of coins.<\/p>\n

For this reason, some of the most prominent analysts within the industry, including the head of DTC Capital Spencer Noon, believe<\/a> that the most recent transaction by PlusToken could lead to a market crash. But is it realistic?<\/p>\n

Bitcoin Prepares for a Major Price Movement<\/strong><\/h2>\n

Different on-chain metrics support the idea the flagship cryptocurrency prepares for a significant downward impulse. The percentage of active coins, for instance, is currently declining while prices remain stagnant within a narrow trading range.<\/p>\n

The last time this divergence between active tokens and price developed was in November 2018, which lead to a 50% correction. Bitcoin went from trading around $6,500 to approximately $3,200.<\/p>\n

\"\"<\/p>\n

The Percentage of Active Bitcoin Declines Over Time. (Source: Santiment<\/a>)<\/pre>\n
Moreover, the 30-day Market-Value-to-Realized-Value (MVRV) is currently hovering at critically low levels. This can indicate that those who purchased Bitcoin over the last 30 days are currently down 2.3% on their initial investment.<\/p>\n
Meanwhile, the 365-day MVRV is \u201chigher and closer to the danger zone,\u201d affirmed<\/a> Santiment. The behavior analytics platform maintains that historically long-term holders tend to close their positions around the current levels and begin to take profits triggering a downward impulse.<\/p>\n
<\/p>\n
Bitcoin's MVRV Ratio Favors the Bears. (Source: Santiment<\/a>)<\/pre>\n
An Ambiguous Outlook<\/strong><\/h2>\n
With this in mind, the ascending triangle that has been developing on Bitcoin\u2019s 12-hour chart over the past two months might break to the downside. Moving past the hypothenuse of the triangle will invalidate any bullish outlooks and present an opportunity for sidelined investors to get back into the market.<\/p>\n
Under such conditions, the downswing could trigger a sell-off that pushes<\/a> Bitcoin to $7,700 or lower upon the breakout point.<\/p>\n
\"Bitcoin<\/p>\n
Bitcoin Is Contained Within an Ascending Triangle. (Source: TradingView<\/a>)<\/pre>\n
It is worth mentioning that breaking above the overhead resistance at $10,000 will make the bearish scenario out of the question. If this were to happen, a state FOMO among investors may be triggered. That would allow Bitcoin to rise<\/a> towards $12,000 based on the technical pattern shown above.<\/p>\n
Due to the ambiguity of the market, it remains to be seen whether support or resistance will break first.<\/p>\n
Featured Image from Shutterstock\r\nPrice tags: btcusd, xbtusd, btcusdt\r\nBitcoin's Network Activity Declines Suggesting Major Price Movement<\/pre>\n","protected":false},"excerpt":{"rendered":"
Market participants are becoming overwhelmingly concerned about a 22,000 BTC transaction that was made by the perpetrators of the PlusToken Ponzi scheme. The last time the individuals behind this scam moved such a significant number of tokens were back in mid-February. During that time, roughly 12,000 BTC, worth $117 million, was transferred to an unknown address associated with mixer deposits. Following the transaction, Bitcoin peaked at a high of $10,500 and entered a downward trend that saw its price drop by nearly 70%. Ergo, an on-chain data analyst, had previously noted that there is a strong correlation between the price of Bitcoin and PlusToken\u2019s selling of coins. For this reason, some of the most prominent analysts within the industry, including the head of DTC Capital Spencer Noon, believe that the most recent transaction by PlusToken could lead to a market crash. But is it realistic? Bitcoin Prepares for a Major Price Movement Different on-chain metrics support the idea the flagship cryptocurrency prepares for a significant downward impulse. The percentage of active coins, for instance, is currently declining while prices remain stagnant within a narrow trading range. The last time this divergence between active tokens and price developed was in November 2018, which lead to a 50% correction. Bitcoin went from trading around $6,500 to approximately $3,200. The Percentage of Active Bitcoin Declines Over Time. (Source: Santiment) Moreover, the 30-day Market-Value-to-Realized-Value (MVRV) is currently hovering at critically low levels. This can indicate that those who purchased Bitcoin over the last 30 days are currently down 2.3% on their initial investment. Meanwhile, the 365-day MVRV is \u201chigher and closer to the danger zone,\u201d affirmed Santiment. The behavior analytics platform maintains that historically long-term holders tend to close their positions around the current levels and begin to take profits triggering a downward impulse. Bitcoin’s MVRV Ratio Favors the Bears. (Source: Santiment) An Ambiguous Outlook With this in mind, the ascending triangle that has been developing on Bitcoin\u2019s 12-hour chart over the past two months might break to the downside. Moving past the hypothenuse of the triangle will invalidate any bullish outlooks and present an opportunity for sidelined investors to get back into the market. Under such conditions, the downswing could trigger a sell-off that pushes Bitcoin to $7,700 or lower upon the breakout point. Bitcoin Is Contained Within an Ascending Triangle. (Source: TradingView) It is worth mentioning that breaking above the overhead resistance at $10,000 will make the bearish scenario out of the question. If this were to happen, a state FOMO among investors may be triggered. That would allow Bitcoin to rise towards $12,000 based on the technical pattern shown above. Due to the ambiguity of the market, it remains to be seen whether support or resistance will break first. Featured Image from Shutterstock Price tags: btcusd, xbtusd, btcusdt Bitcoin’s Network Activity Declines Suggesting Major Price Movement<\/p>\n","protected":false},"author":529,"featured_media":428668,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1144,78790,2498,57231,4078,76835],"class_list":["post-428654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-btcusd","tag-btcusdt","tag-investment","tag-santiment","tag-technical-analysis","tag-xbtusd"],"acf":[],"yoast_head":"\nWhy Bitcoin's Network Activity Is Suggesting the Arrival of Major Price Action<\/title>\n<meta name=\"description\" content=\"Market participants are becoming overwhelmingly concerned about a 22,000 BTC transaction that was made by the perpetrators of the PlusToken Ponzi scheme.\" \/>\n<meta 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In 2014, he came across Bitcoin\u2019s whitepaper and was so fascinated by the idea of a decentralized, borderless, and censorship-resistant currency that he started buying Bitcoin. By 2015, he started traveling to spread the word about Bitcoin. Now, he is a content producer for some of the leading media outlets in the cryptocurrency industry.","sameAs":["https:\/\/www.linkedin.com\/in\/ali-martinez\/","https:\/\/x.com\/satoshilatino"],"url":"https:\/\/wncen.com\/author\/alimartinez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Bitcoin’s Network Activity Is Suggesting the Arrival of Major Price Action","url":"http:\/\/wncen.com\/news\/why-bitcoins-network-activity-is-suggesting-the-arrival-of-major-price-action\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/why-bitcoins-network-activity-is-suggesting-the-arrival-of-major-price-action\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/shutterstock_717943141-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/shutterstock_717943141-scaled.jpg?fit=2560%2C1709"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Ali Martinez"}],"creator":["Ali Martinez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["btcusd","btcusdt","investment","santiment","technical analysis","xbtusd"],"dateCreated":"2020-06-26T15:02:55Z","datePublished":"2020-06-26T15:02:55Z","dateModified":"2024-06-11T12:22:38Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Bitcoin’s Network Activity Is Suggesting the Arrival of Major Price Action\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-bitcoins-network-activity-is-suggesting-the-arrival-of-major-price-action\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-bitcoins-network-activity-is-suggesting-the-arrival-of-major-price-action\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/shutterstock_717943141-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/shutterstock_717943141-scaled.jpg?fit=2560%2C1709\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Ali Martinez\"}],\"creator\":[\"Ali Martinez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"btcusd\",\"btcusdt\",\"investment\",\"santiment\",\"technical analysis\",\"xbtusd\"],\"dateCreated\":\"2020-06-26T15:02:55Z\",\"datePublished\":\"2020-06-26T15:02:55Z\",\"dateModified\":\"2024-06-11T12:22:38Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/shutterstock_717943141-scaled.jpg?fit=2560%2C1709","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/428654"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/529"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=428654"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/428654\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/428668"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=428654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=428654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=428654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}