Bitcoin Price Breakout ‘Imminent,’ According to Glassnode Data

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Tue, 07/07/2020 - 07:08
Alex Dovbnya
Bitcoin has spent its sixth consecutive week in a bullish zone of Glassnode's compass
Cover image via stock.adobe.com
Contents

In its weekly report, cryptocurrency analytics startup Glassnode concluded that the Bitcoin price could see an 'imminent' breakout. 

The leading cryptocurrency has been in a bullish regime of Glassnode’s compass for the past six weeks.    

image by insights.glassnode.com

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Bitcoin’s network health and sentiment on the rise

The Glassnode Network Index (GNI) added one point during another boring week for the Bitcoin market. 

The liquidity component of the index lost six points due to declining exchange deposits and transactions done on-chain.

This loss was offset by an equivalent gain in the sentiment department because of holders accumulating more coins.

An increasing number of entities joining the network resulted in the network health component adding thee points.

image by insights.glassnode.com

The BTC price lags behind fundaments 

With both Bitcoin’s hashrate and energy value reaching new highs, strong fundamentals definitely play into the hands of the bulls.

However, Bitcoin’s lackluster price performance shows that the bears are slowly gaining ground. 

Glassnode writes that the coin’s questionable correlation with the stock market is sowing uncertainty.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


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