{"id":323978,"date":"2024-06-15T07:02:04","date_gmt":"2024-06-15T01:32:04","guid":{"rendered":"https:\/\/dripp.zone\/news\/bitcoin-price-bull-run-is-intact-as-per-these-five-on-chain-metrics-crypto-news\/"},"modified":"2024-06-15T07:04:44","modified_gmt":"2024-06-15T01:34:44","slug":"bitcoin-price-bull-run-is-intact-as-per-these-five-on-chain-metrics-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-price-bull-run-is-intact-as-per-these-five-on-chain-metrics-crypto-news\/","title":{"rendered":"Bitcoin Price Bull Run Is Intact As Per These Five On-chain Metrics – Crypto News"},"content":{"rendered":"

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After attempting to hit its all-time high of $74,000 earlier this month, the Bitcoin (BTC) price has faced strong selling pressure and is trading 10% down from its June highs. On Friday, June 14, the BTC price corrected by an additional 1.26% dropping all the way under $66,000.<\/p>\n

Bitcoin Bull Run Remains Intact<\/h3>\n

During the second quarter of 2024, Bitcoin<\/a> has largely underperformed dropping by 5%. This selling pressure comes amid the Bitcoin miner capitulation following the halving event ahead this year in April 2024.<\/p>\n

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The Bitcoin price<\/a> consolidation over the last few weeks has made investors believe that this is the end of the bull run for the world\u2019s largest crypto. However, on-chain data from Lookonchain suggests that the bull run remains intact. Let\u2019s take a look at five such indicators that suggest so.<\/p>\n

Bitcoin Price Rainbow Chart<\/strong>: The rainbow chart for Bitcoin price, also a long-term valuation tool, uses a logarithmic growth curve in order to forecast the potential price direction for BTC. As per this chart, it is still a good time to buy BTC.<\/p>\n

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Relative Strength Index: <\/strong>The Bitcoin Relative Strength Index (RSI) is currently at 69.9. An RSI reading above 70 suggest that the asset is overvalued, while a reading under 30 shows that it\u2019s undervalued. However, the current Bitcoin RSI reading shows that the price hasn\u2019t reached its peak.<\/p>\n

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200-Week Moving Average:\u00a0<\/strong>The heatmap below showing Bitcoin\u2019s 200-week moving average suggests that the current price point is still in the blue zone suggesting that the price hasn\u2019t reached yet. Thus, it\u2019s time to hold and buy this asset.<\/p>\n

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Cumulative Value Coin Days Destroyed(CVDD):<\/strong><\/p>\n

When the Bitcoin price hits the green line, it indicates an undervalued position and a favorable buying opportunity. The current CVDD suggests that BTC has not yet reached its peak.<\/p>\n

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Bitcoin 2-Year Multiplier<\/strong>: As per the 2-year multiplier indicator for the Bitcoin price, BTC is still trading in the middle of the red and green lines. Unless it touches the red line, there\u2019s no confirmation of the BTC price hitting the top.<\/p>\n

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Bitcoin Price Levels to Watch<\/h3>\n

Over the past 10 days, there\u2019s been heavy selling by the Bitcoin whales as this cohort sold 50,000 Bitcoins worth $3.0 billion in such a short time. As per popular crypto analyst Ali Martinez, the Bitcoin price needs to quickly climb above $66,254, or it risks falling to $61,000.<\/p>\n

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#Bitcoin<\/a> needs to climb back above $66,254 quickly to avoid a potential correction down to $61,100! pic.twitter.com\/WMr7jcAVJU<\/a><\/p>\n

\u2014 Ali (@ali_charts) June 14, 2024<\/a><\/p>\n<\/blockquote>\n

Also, as per CryptQuant CEO Ki Young Ju, the average entry price for Bitcoin traders is around $47,000. In a bull market, BTC\u2019s price typically remains above this entry-level. Even with a 27% drop, the market can still be considered bullish. \u201cRemain optimistic for the long term, but be cautious of excessive risks. This is financial advice,\u201d he noted.<\/p>\n

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills. <\/p>\n<\/p><\/div>\n

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