{"id":22775,"date":"2023-05-20T17:35:28","date_gmt":"2023-05-20T17:35:28","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2023\/05\/20\/is-bitcoin-price-really-in-bull-market-glassnode-data-suggest-otherwise\/"},"modified":"2023-05-20T17:35:29","modified_gmt":"2023-05-20T17:35:29","slug":"is-bitcoin-price-really-in-bull-market-glassnode-data-suggest-otherwise","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2023\/05\/20\/is-bitcoin-price-really-in-bull-market-glassnode-data-suggest-otherwise\/","title":{"rendered":"Is Bitcoin Price Really In Bull Market? Glassnode Data Suggest Otherwise"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<p>Bitcoin bulls are waning and bearish sentiment is selecting up within the crypto market. The worry and greed index clearly signifies traders\u2019 sentiment falling from a May excessive of 65 (greed) to 48 right this moment.<\/p>\n<p>Macro elements stay the first motive behind that weakening Bitcoin worth rally to $30,000 this month. Also, US Fed Chair <a href=\"https:\/\/coingape.com\/jerome-powell-speech-today-us-fed-rate-hike\/\" target=\"_blank\" rel=\"noopener\">Jerome Powell\u2019s speech<\/a> on Friday fails to offer a transparent path and charge hike potentialities sooner or later. While President <strong>Joe Biden<\/strong> and Republicans are hopeful about avoiding the <strong>debt ceiling disaster<\/strong>, different points live on.<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.59 --><\/p>\n<p>CME FedWatch Tool <a rel=\"nofollow noopener\" href=\"https:\/\/www.cmegroup.com\/markets\/interest-rates\/cme-fedwatch-tool.html\" target=\"_blank\">indicates<\/a> a likelihood of a 25 bps charge hike in June, whereas DXY rises and the roles market stays tight.<\/p>\n<p><strong>Also Read: <a title=\"US Fed, ECB, BOE Officials Calls For More Rate Hikes, Bitcoin Price To Fall?\" href=\"https:\/\/coingape.com\/fed-ecb-boe-hint-rate-hike-bitcoin-price\/\" target=\"_blank\" rel=\"bookmark noopener\">US Fed, ECB, BOE Officials Calls For More Rate Hikes, Bitcoin Price To Fall?<\/a><\/strong><\/p>\n<p>Despite Bitcoin worth recovering 75% this 12 months, the bull market circumstances stay weak. According to <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/glassnode\/status\/1659874112913694720\" target=\"_blank\">Glassnode<\/a>, the t<span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">otal switch quantity moved on the Bitcoin <\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">community has declined to a present worth of $2.73 billion per day. The community throughput fell 79% from its peak of $13.1 billion throughout the <a href=\"https:\/\/coingape.com\/glossary\/bull-market\/\" target=\"_blank\" rel=\"noopener\">bull market<\/a> in 2021.<\/span><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.59 --><\/p>\n<figure style=\"width: 717px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" alt=\"Bitcoin Total Transfer Volume\" width=\"717\" height=\"413\" src=\"https:\/\/pbs.twimg.com\/media\/FwkOaKEWYAIQpNl?format=jpg&amp;name=4096x4096\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/FwkOaKEWYAIQpNl?format=jpg&amp;name=4096x4096\" alt=\"Bitcoin Total Transfer Volume\" width=\"717\" height=\"413\"\/><\/noscript><figcaption class=\"wp-caption-text dfdfdf1\">Bitcoin Total Transfer Volume. Source: Glassnode<\/figcaption><\/figure>\n<p>The query now&#8217;s whether or not the current consolidation we\u2019re seeing will find yourself in a brand new low, which can recommend decrease costs. Experts predict a drop nicely beneath the <strong>200-WMA<\/strong> to the essential help of <strong>$24,800<\/strong>.<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.59 --><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.59 --><\/p>\n<p><strong>Also Read: <a title=\"Bitcoin (BTC) Price At \u201cInflection Point\u201d, Big Move Happening In Cardano (ADA)\" href=\"https:\/\/coingape.com\/bitcoin-btc-price-inflection-point-big-move-cardano-ada\/\" rel=\"bookmark\">Bitcoin (BTC) Price At \u201cInflection Point\u201d, Big Move Happening In Cardano (ADA)<\/a><\/strong><\/p>\n<h2>Will Bitcoin Price Breakout From Consolidation<\/h2>\n<p>In an earlier <a href=\"https:\/\/coingape.com\/bitcoin-news-whales-miners-offload-btc-ahead-fed-chair-powell-speech\/\" target=\"_blank\" rel=\"noopener\">report by CoinGape Media<\/a>, we detailed how whales and miners are promoting their holdings amid a current flip of occasions. This will put extra promoting strain on <a href=\"https:\/\/coingape.com\/price\/bitcoin-price\" target=\"_blank\" rel=\"noopener\">BTC price<\/a>.<\/p>\n<p>Popular analysts <strong>CredibleCrypto<\/strong> and <strong>Michael van de Poppe<\/strong> predict the consolidation is more than likely over and BTC worth ought to transfer larger. However, it\u2019s essential to think about the 50-moving common and Bollinger bands indicating a weak chart sample.<\/p>\n<figure style=\"width: 729px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" alt=\"Bitcoin price\" width=\"729\" height=\"357\" src=\"https:\/\/pbs.twimg.com\/media\/FwhSvY_aAAERQ5R?format=jpg&amp;name=4096x4096\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/FwhSvY_aAAERQ5R?format=jpg&amp;name=4096x4096\" alt=\"Bitcoin price\" width=\"729\" height=\"357\"\/><\/noscript><figcaption class=\"wp-caption-text dfdfdf1\">Bitcoin worth<\/figcaption><\/figure>\n<p>Bitcoin is vary certain, with $27,640 as resistance and $26,340 as help. The path of the BTC development will solely be decided by a transparent shut exterior this space.<\/p>\n<p><strong>Also Read: <a title=\"Ledger Co-Founder Flag Security Risk In Open Source, Refutes Charles Hoskinson\" href=\"https:\/\/coingape.com\/ledger-co-founder-flag-security-risk-in-open-source-refutes-charles-hoskinson\/\" target=\"_blank\" rel=\"bookmark noopener\">Ledger Co-Founder Clarifies On Backdoor and Security Risk In Open Source<\/a><\/strong><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.59 --><\/p>\n<div class=\"TabDicA\">\n<div class=\"TBAcon \">\n<div class=\"authorFlip tabcS\" id=\"TabA149105\">\n<div class=\"authorBox\">\n<div class=\"author_Name\">\n<!--\n                                      \n\n<div class=\"getAuthoname\">\n                                          \n                                                                                 \n                                       <\/div>\n\n \n--><\/p>\n<p>Varinder has 10 years of expertise within the Fintech sector, with over 5 years devoted to blockchain, crypto, and Web3 developments. Being a know-how fanatic and analytical thinker, he has shared his data of disruptive applied sciences in over 5000+ information, articles, and papers. With CoinGape Media, Varinder believes within the enormous potential of those progressive future applied sciences. He is at the moment masking all the newest updates and developments within the crypto business.                         <\/p>\n<\/p><\/div>\n<div class=\"author_Image\">\n                                             <img loading=\"lazy\" alt=\"\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/f187fb5b7b3b0b9367ef83384cb40d5f?s=400&amp;d=mm&amp;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\" src=\"https:\/\/secure.gravatar.com\/avatar\/f187fb5b7b3b0b9367ef83384cb40d5f?s=200&amp;d=mm&amp;r=g\"\/><noscript><img loading=\"lazy\" alt=\"\" src=\"https:\/\/secure.gravatar.com\/avatar\/f187fb5b7b3b0b9367ef83384cb40d5f?s=200&amp;d=mm&amp;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/f187fb5b7b3b0b9367ef83384cb40d5f?s=400&amp;d=mm&amp;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\"\/><\/noscript>                                       <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"TabDesCm tabcS\" id=\"TabD149105\">\n<p>  The offered content material might embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn&#8217;t maintain any duty to your private monetary loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/coingape.com\/bitcoin-price-bull-market-glassnode-data-otherwise\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Bitcoin bulls are waning and bearish sentiment is selecting up within the crypto market. The worry and greed index clearly signifies traders\u2019 sentiment falling from a May excessive of 65 (greed) to 48 right this moment. Macro elements stay the first motive behind that weakening Bitcoin worth rally to $30,000 this month. Also, US [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18076,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[3],"tags":[20,32,456,1804,41,110,338],"class_list":["post-22775","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bull","tag-data","tag-glassnode","tag-market","tag-price","tag-suggest","entry","has-media","owp-thumbs-layout-horizontal","owp-btn-normal","owp-tabs-layout-horizontal","has-no-thumbnails","has-product-nav"],"_links":{"self":[{"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/posts\/22775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/comments?post=22775"}],"version-history":[{"count":1,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/posts\/22775\/revisions"}],"predecessor-version":[{"id":22776,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/posts\/22775\/revisions\/22776"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/media\/18076"}],"wp:attachment":[{"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/media?parent=22775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/categories?post=22775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/tags?post=22775"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