Glassnode alerts, a blockchain intelligence firm, recently posted two tweets regarding the leading cryptocurrency, Bitcoin (BTC). The first tweet highlighted that the Mean Block Size (7d MA) for BTC reached a 1-month low of 1,729,269.574. This is a significant drop from the previous 1-month low of 1,729,395.639 recorded on 16 April 2023. In another tweet, Glassnode alerts pointed out that the Number of BTC Spent Outputs with a Lifespan of less than 1h (7d MA) also hit a 1-month low of 7,738.946.
Meanwhile, CoinMarketCap data showed that the price of BTC has decreased by 3.16% in the last 24 hours. This drop has pushed BTC’s weekly price performance further into the red, currently standing at -9.10%. As a result, the leading crypto’s price is now trading around $28,004.17. Additionally, BTC’s dominance in the market has also decreased as its estimated market dominance is now at 45.78%, a 0.25% drop.
Looking at the daily chart for BTC/USDT, the crypto’s price has fallen below the 9-day and 20-day EMA lines in the last 24-36 hours. As a result, the crypto is now resting on the key support level at $28k at press time. If the price drops below this level, it may further decline to the next key support level at around $27,100 in the next 24-48 hours. Technical indicators also support this bearish thesis as the 9-day EMA line is on the verge of crossing bearishly below the 20-day EMA line. Furthermore, the daily RSI line has recently crossed bearishly below the daily RSI SMA line.
It is important to note that the views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence, and any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
In conclusion, BTC has hit a 1-month low in Mean Block Size and the Number of BTC Spent Outputs with a Lifespan of less than 1h. Additionally, the crypto’s price has dropped below the 9-day and 20-day EMA lines, and its dominance in the market has decreased. Technical indicators also support a bearish thesis, and readers are advised to do their own research and due diligence before taking any action.