Bitcoin will have a reiteration on price USD10000 – LinkCoin.pro
Last week we predicted BTC will increase to USD10K with a fluctuation, this stood true according to the further trend. There are now 91 days till the third Bitcoin halving begins, the fundamental data, let’s analyze the BTC price with also considering the fundamental indexes.
Daily trading volume — Bitcoin
Bitcoin has achieved a top of 6 months in last week, the top was 368K and the bottom was 315K. This data was keeping increase in a slow path since February 2018, it shows the core value of Bitcoin and is the fundamental support for Bitcoin price. The current transaction volume showed stable, stabilizing the trend of price increase as well.
Daily trading volume — Ethereum
Ethereum had a bounce back on transaction volume last week, the top was 662K and the bottom was 524K.
Bitcoin has a slow increase on its hashrate, the top was 116.6EH/s, the bottom was 104.6EH/s. Computing power (aka mining hashrate) is a key metric as it illustrates the network transaction demand.
The number of active & new address was still better than the previous week. The top was 752K and bottom was 588K.
Last week the total bitcoin’s future option on Bakkt was USD73Million, did not change a lot since last week. The maximal open contract volume was USD116K, increased 36%. This implies the institution fund are entering the market, it is a good sign of the increase.
USDT’s negative premium has been ameliorated, there was also an increase on transaction volume, indicated a good performance.
Google search trend is showing more new users are paying the attention to the Bitcoin.
FGI was 56, was at a Neutral sentiment. FGI looks at six different factors to score investor sentiment on a scale of zero to 100 — extreme fear to extreme greed respectively: market volatility (25%) + market momentum (25%) + social media trend (15%) + market survey (15%) + the ratio of Bitcoin in the market (10%) + Google trend (10%).
The newest long/short ratio was 2, the long position has kept dominating. This showed a high consistency on short-term increase, which may also have a bounce back. According to past experience, if the ratio is too high it is highly likely that we will see a market correction.
The fundamental indexes has shown the signal of the increase, both the transaction volume and the number of active addresses have shown the new top. Although we need to be careful about the price adjustment due to the high long/short ratio, but the slow increase appeared with a quick decrease is also the symbol of the bull market, we need to wait for the further increase.
Published at Tue, 11 Feb 2020 18:06:04 +0000
{flickr|100|campaign}
