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Bitcoin Back Above $23K, Yet Glassnodes Metrics Suggests Dark Clouds Still Hover Over BTC Price

Bitcoin & Ethereum prices have risen recently as an upshot of the July FOMC meeting outcome. Now once the assets have depleted considerably, it is vital to know if the present trend is a relief rally or perhaps a sustained upswing which intends to check top of the targets.

However, according to the info from Glassnode, a few indicators indicate the chance of a brand new price surge appears likely. Below mentioned pointers suggest a substantial upswing could be pre-determined for the BTC price soon.

Demand is Comparatively Low

Bitcoins active addresses remained notably high following the asset rebounded well after slashing from the highs in-may 2021, in which a major washout of the users had occurred. Further, because the BTC price began with a steep descending trend, the demand also remained within narrow braces. The amount of active addresses remained consolidated within specified ranges which indicates a shift of focus of the traders.

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Drop in the Daily Transaction Volume

Much like the active addresses, the daily transaction also underwent a notable squeeze. Mainly because of the stagnant behaviour of the active addresses, the transactional demand traded sideways to slightly lower. This indicated that only the stable base of higher conviction traders & investors remain.

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Huge Slash in the full total Transaction Fees

With the drop popular and the daily transactions, the fees also depleted heavily, displaying their presence within the bearish territory. Due mainly to the truth that the network congestion reduced because the demand & daily transactions plunged hard. Bull markets are once the fees are relatively high displaying signs of recovery. However, this type of recovery is not witnessed as of this moment.

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Collectively, the on-chain metrics usually do not suggest a finish to bitcoin orginformation bitcoin org Event OrganiserTechnologyPayment solution Followers : 0 View profile s sideways trend but additionally denote that the asset is making larger attempts to rebound soon. However, before market sentiments are choppy, Bitcoins (BTC) price might not witness a relief.

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