{"id":544494,"date":"2023-07-26T19:00:27","date_gmt":"2023-07-26T19:00:27","guid":{"rendered":"https:\/\/wncen.com\/?p=544494"},"modified":"2024-06-11T08:13:06","modified_gmt":"2024-06-11T08:13:06","slug":"bitcoin-what-on-chain-data-says-about-the-latest-dip-below-30000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-what-on-chain-data-says-about-the-latest-dip-below-30000\/","title":{"rendered":"Bitcoin: What On-Chain Data Says About The Latest Dip Below $30,000"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The Bitcoin price has been underwhelming in the past few days, reflecting the current state of the cryptocurrency market. On Monday, July 24, investors watched the price of the premier cryptocurrency retreat beneath the $30,000 mark again.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Let&#8217;s look at what the on-chain metrics say about this latest fall below the critical price level.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">69% Of Bitcoin Holders In Profit After Fall Below $30,000<\/span><\/h2>\n<p><span style=\"font-weight: 400\">A data report from <\/span><a href=\"https:\/\/twitter.com\/intotheblock\/status\/44739841\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">IntoTheBlock<\/span><\/a><span style=\"font-weight: 400\"> reveals that roughly 68.96% of Bitcoin holders remained green after the price retreat below the $30,000 mark. There is also an indication of significant buying activity around this price level, with more than 3.4 million wallets acquiring BTC at this zone.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-544499 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/photo_2023-07-26_15-20-36.jpg?resize=860%2C327\" alt=\"Bitcoin\" width=\"860\" height=\"327\"><\/p>\n<p style=\"text-align: center\">Source:<a href=\"https:\/\/twitter.com\/intotheblock\/status\/99519745?s=46&amp;t=M2CgCEixhOGJTRUgb5o4Nw\" target=\"_blank\" rel=\"noopener nofollow\"> IntoTheBlock via Twitter<\/a><\/p>\n<p><span style=\"font-weight: 400\">According to the market intelligence platform, the $30,000 mark has often served as a psychological support level for investors. However, it remains to be seen whether traders will hold or opt out of their positions if the coin continues its current bearish form.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Interestingly, on-chain data reveals that <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-history-making-move-volatility\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">BTC\u2019s volatility<\/span><\/a><span style=\"font-weight: 400\"> is currently at its historical low, suggesting that a significant price movement is imminent.\u00a0<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/wncen.com\/news\/litecoin-bulls-barrel-back-toward-92-level-will-they-succeed\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Litecoin Bulls Barrel Back Toward $92 Level \u2013 Will They Succeed?<\/a><\/p>\n<p><span style=\"font-weight: 400\">Bitcoin currently trades at $29,225, with a slight 0.4% price increase in the past day, according to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\" target=\"_blank\" rel=\"noopener nofollow\">CoinGecko data<\/a>. A look at its broader market reveals that the coin has been on a 5% price decline in the past two weeks.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Since falling below the $30,000 mark on July 24, the price of Bitcoin is yet to recover above this level as it often has in recent times.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Bitcoin Experiences Increased Network Growth And Activity<\/span><\/h2>\n<p><span style=\"font-weight: 400\">While the recurrent price dip below $30,000 in July may have raised some concern amongst investors, there are positive signs demonstrating Bitcoin\u2019s resilience and overall stability. For instance, the creation of new addresses recently hit a yearly high, suggesting increased user growth, which might positively influence the coin\u2019s price.<\/span><\/p>\n<p><span style=\"font-weight: 400\">IntoTheBlock\u2019s New Adoption Rate metric further fuels the optimism around Bitcoin. This metric measures the ratio of new active addresses compared to total activity.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to the analytics platform, there was a sudden spike in the new adoption rate of Bitcoin in July. For context, this rate has been in a range for most of 2023.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-bears-30000\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Could Recover But Upsides Might Be Attractive To Bears<\/a><\/div>\n<p><span style=\"font-weight: 400\">Moreover, Bitcoin\u2019s transaction volume has been relatively healthy, despite initial concerns about a potential decline following the Ordinals&#8217; frenzy in Q2 2023.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, Bitcoin&#8217;s NVT (Network Value to Transactions) ratio is unusually high. According to <a href=\"https:\/\/academy.glassnode.com\/indicators\/nvt\/nvt-ratio#:~:text=Network%20Value%20to%20Transactions%20(NVT,Ratio%20used%20in%20equity%20markets.\" target=\"_blank\" rel=\"noopener nofollow\">Glassnode<\/a>, an NVT ratio describes the relationship between the market cap and transfer volume, with a high value often suggesting overvaluation and bearish sentiment.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/dYYCH6R3\/\" alt=\"Bitcoin\" width=\"997\" height=\"586\"><\/p>\n<pre style=\"text-align: center\">BTCUSDT trading at $29,295 | Source: daily BTCUSDT chart from <a href=\"https:\/\/www.tradingview.com\/x\/dYYCH6R3\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from SoFi, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin price has been underwhelming in the past few days, reflecting the current state of the cryptocurrency market. On Monday, July 24, investors watched the price of the premier cryptocurrency retreat beneath the $30,000 mark again.\u00a0 Let&#8217;s look at what the on-chain metrics say about this latest fall below the critical price level.\u00a0 69% Of Bitcoin Holders In Profit After Fall Below $30,000 A data report from IntoTheBlock reveals that roughly 68.96% of Bitcoin holders remained green after the price retreat below the $30,000 mark. There is also an indication of significant buying activity around this price level, with more than 3.4 million wallets acquiring BTC at this zone. Source: IntoTheBlock via Twitter According to the market intelligence platform, the $30,000 mark has often served as a psychological support level for investors. However, it remains to be seen whether traders will hold or opt out of their positions if the coin continues its current bearish form. Interestingly, on-chain data reveals that BTC\u2019s volatility is currently at its historical low, suggesting that a significant price movement is imminent.\u00a0 Related Reading: Litecoin Bulls Barrel Back Toward $92 Level \u2013 Will They Succeed? Bitcoin currently trades at $29,225, with a slight 0.4% price increase in the past day, according to CoinGecko data. A look at its broader market reveals that the coin has been on a 5% price decline in the past two weeks. Since falling below the $30,000 mark on July 24, the price of Bitcoin is yet to recover above this level as it often has in recent times. Bitcoin Experiences Increased Network Growth And Activity While the recurrent price dip below $30,000 in July may have raised some concern amongst investors, there are positive signs demonstrating Bitcoin\u2019s resilience and overall stability. For instance, the creation of new addresses recently hit a yearly high, suggesting increased user growth, which might positively influence the coin\u2019s price. IntoTheBlock\u2019s New Adoption Rate metric further fuels the optimism around Bitcoin. This metric measures the ratio of new active addresses compared to total activity.\u00a0 According to the analytics platform, there was a sudden spike in the new adoption rate of Bitcoin in July. For context, this rate has been in a range for most of 2023. Related Reading: Bitcoin Price Could Recover But Upsides Might Be Attractive To Bears Moreover, Bitcoin\u2019s transaction volume has been relatively healthy, despite initial concerns about a potential decline following the Ordinals&#8217; frenzy in Q2 2023.\u00a0 However, Bitcoin&#8217;s NVT (Network Value to Transactions) ratio is unusually high. According to Glassnode, an NVT ratio describes the relationship between the market cap and transfer volume, with a high value often suggesting overvaluation and bearish sentiment. BTCUSDT trading at $29,295 | Source: daily BTCUSDT chart from TradingView Featured image from SoFi, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":540167,"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":[428,1119,1122,78790],"class_list":["post-544494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btc-price","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin: What On-Chain Data Says About The Latest Dip Below $30,000<\/title>\n<meta name=\"description\" content=\"The Bitcoin price has been on an underwhelming run in the past few days, reflecting the current state of the cryptocurrency market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. 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