- The SOPR held near the bottom of the market as TRIX signaled an upcoming uptrend.
- BTC holders are holding their ground despite the January earnings presentation.
bitcoin [BTC] He showed tremendous skill after the US Federal Reserve raised interest rates by 25 basis points. At first, the king coin brought down the cryptocurrency market, but that’s it It only lasted a few hours The bulls also regained control.
is reading Bitcoins [BTC] predict the price 2023-2024
With the FOMC’s subsequent reaction, it may appear that the usual expectation of lower prices amid higher interest rates is not always the cause. There were also new revelations about how Bitcoin will perform in the coming weeks.
New situation for bulls
According to CryptoQuant analyst BinhDang, the short-term outlook for BTC may be without a downgrade. At the same time the analyst indicates the SOPR (Profit-Output-Consumer Ratio). expanded That a move into significant bullish territory was imminent.
SOPR evaluates the profit percentage for the entire market, but it differs from the ratio. Unlike the previous one, the SOPR ratio provides more insight into market sentiment. The metric is calculated by dividing the long-term SOPR holder (LTH) by the short-term SOPR holder (STH) inverting the score of all profits made in the chain.
Based on the image above, SOPR ratio It was not of high value. So he indicated that the market was not close to the top, which presents potential buying opportunities and the potential for BTC to go higher.
However, BinhDang also mentioned the historical view of The triple exponential average (TRIX) over a 50-day period and the 50- to 200-day moving average (MA). In the previous cycles, the 50 TRIX was accompanied by crossing the middle phase of the 50-200 MA, which created an uptrend.
At the time of this writing, the value of TRIX is positive. So there was a strong chance of further bullish momentum, regardless of the rise in inflation. On February 1, Federal Reserve Chairman Jerome Powell, insist on That more increases are needed before the economy becomes anti-inflationary.
holder to maintain supervision
Amid the bullish outlook, Santiment reports that BTC is still stuck in self-preservation rather than stooping to change storage. According to the on-chain platform, over $416 billion worth of BTC is held by exchanges with fourteen times more available on the latter.
💸 # BitcoinThe current offering continues in self-storage with prices ranging from $23,000 here in early February. There are now $416.5 billion in BTC dollars Turn away from the exchanges, and $29.2 billion BTC dollars in exchanges. This means that 14.26 times more coins are off the exchanges than on. https://t.co/MU4UAUY5Mv pic.twitter.com/oZYoSf6tgY
Saniment (@santimentfeed) February 7, 2023
Realistic or not, here it is The market cap of BTC in terms of ETH
While the collapse of FTX in November 2022 may have played a role, the relief in January was expected to change the tune. But that sentiment may also be consistent with hopes that stockholders still expect a significant rally.
Meanwhile, information from Santiment show up That there was a decrease in the exchange flow. At press time, it is down to 9,270. This could be a result of BTC consolidating around $23,000 for several days. Therefore, it has reduced selling pressure.