Wednesday, December 8, 2021
Home Crypto News Analysis Glassnode Report Shows Bitcoin Will Continue Its Bullish Momentum After Consolidation

Glassnode Report Shows Bitcoin Will Continue Its Bullish Momentum After Consolidation

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The cooling off of Bitcoin derivates and on-chain spending indicates a continued bullish picture for bitcoin.

Read: Burger King Offers US Customers Bitcoin, Ethereum, and Dogecoin Giveaway


After renewing the all-time high, the Spent Output Profit Ratio (SOPR) values correspond to the signs of an early bull market. Holders are waiting for higher prices, not wanting to sell their BTC at current levels.

Keeping Bitcoin adjusted SOPR above 1 indicates the market’s ability to absorb selling pressure without significant bearish pressure on prices.

bitcoin spor

Image Source: Glass Node

 

Analysts looked at the difference between Net Unrealized Profit/Loss (NUPL) based on BTC holders. It remained in the range of 0.5–0.75 values.

Historically, testing this range without going to lower levels has signaled renewed price growth in the coming weeks/months. Earlier, an exit from this range upwards led to a renewal of the historical all-time high in 2013-2014, 2017, and 2021.

btc upward move 2

Image Source: Glass Node

In the BTC perpetual contracts market, financing rates are falling simultaneously while BTC  price is consolidating. This suggests a more cautious approach by traders, which is a healthy situation for the market as a whole.

 

btc funding rates

Image Source: Glass Node

 

Also, note Every time BTC broke an all-time high there were $3.5M long position liquidations per hour.

btc liquidation

Image Source: Glass Node

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Albert Brownhttps://thecryptobasic.com/
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

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