Bitcoin has continued to hover around the $ 62,000- $ 65,000 threshold in the past few days. Altcoins don’t have a lot of volatility either. The Taproot Update Bitcoin event succeeded at block 709,632.
Bitcoin is very rarely updated and has been the leading cryptocurrency market leader for many years. The previous update was Segwit from 2017. Over the years, Bitcoin has remained the largest coin in terms of both market cap and community. So every update takes time and Bitcoin prioritizes security.
Bitcoin price, after hitting a new high of $ 69,000, has corrected itself on the downside. However, according to on-chain data, we haven’t seen the top of the market yet. The NUPL indicator in the red area has not yet entered the blue peak signal area. Even so, the BTC win rate remains high over 96.8%
The RHODL display is still far from the red upper signal range.
Similar to the Puell Multiple, Market Cap To Thermocap and Pi Cycle Top indices, there are no signs of a peak either.
A graph of investors’ long-term and short-term BTC movement shared on CryptoQuant. In this stock, we see long-term investors (blue line) showing no signs of BTC moving even though it has made new highs. Long-term investors have signs that BTC (orange line) is moving up. Much of the recent BTC price movement is believed to have come from short-term investors.
Another analysis of the value of BTC moving in the network (blue line-lower picture) is great, but does not increase with regular exchanges. According to the crypto splitter, these could be whales acquiring crypto through external OTC transactions.
Bitcoin deposits and withdrawals on the exchanges on the weekend didn’t have much movement either. The long-term trend of Bitcoin remains less and less on the stock exchanges. In the short term, from the beginning of November until today, the amount of BTC on the exchanges has been unchanged.
In general, Bitcoin has made a new high and corrected slightly, but we haven’t seen a top sign yet. It is still expected that the market will continue to grow and reach new highs as forecast. With more on-chain data, we also have a better perspective on the market.