Earlier today, crypto traders were eagerly awaiting the latest developments on BTC price, with the hope of seeing the price rise to the $7000 mark. This kind of price, which was last seen in December 2017, is an important level that would indicate that the bear market was coming to an end.
The latest bitcoin trading volume has increased significantly in the past 24 hours and has shown a fifth buy signal in bitcoin’s history. This is the earliest Bitcoin has ever shown a fifth buy signal. The volume is currently $2.5 billion, up from roughly $1.6 billion at the same time yesterday.
The latest BTCUSD price chart is a clear buy signal, according to the Key Bitcoin price indicator.. Read more about when was bitcoin at its lowest and let us know what you think.The 28th. In June, there was cautious optimism in the cryptocurrency market after the price of bitcoin (BTC) briefly crossed the $35,500 mark, reviving hopes that the uptrend would soon resume.
Despite the upward movement, some analysts have warned that the lack of a daily close above the $35,000 resistance level is a sign that traders are simply closing their positions on any breakout of resistance, indicating a possible continuation of the downward movement.
According to David Puell, a blockchain analyst and creator of Puell Multiple, the indicator has just given its fifth buy bitcoin signal.
$BTC : Getting reports that the most surprisingly named indicator has just given its fifth buy signal in BTC history.
That sounds good, yes, but remember that Puell Multiple also responds to hash rate changes, and the hash rate follows the price, not the other way around.
– David Puel (@kenoshaking) June 28, 2021
Puell Multiple focuses on the supply side of the bitcoin economy, primarily bitcoin miners and their earnings, and examines market cycles in relation to mining earnings.
It is calculated by dividing the daily issue value of BTC (in US dollars) by the 365-day moving average of the daily issue value.
Average bitcoin hash rate as a function of price. Source: Glassnode
Although the price of BTC at 28. There was a slight increase in June, but Pewell reminded the audience that many factors must be considered and no one indicator should be used in isolation to make business decisions.
The hash rate follows the price AND other exogenous factors, as we have clearly seen with the situation in China.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and every transaction involves risk. So you need to do your own research before making a decision.
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