“On-chain data danger signal below 60, foreshadowing a market turn”
“BTC breaks the $28,200 resistance line with recent positive signals.”
The co-founder of Glassnode, who operates under the pseudonym 'Negentropic', pointed out that Bitcoin is currently maintaining the $26,000 level despite a number of negative news.
He pointed out, "As a result of analyzing recent on-chain data, Bitcoin's risk level has decreased below 60," and "Despite the movement of many people selling Bitcoin, Bitcoin is maintaining its current position without a significant decline."
Generally, a risk value of 60 in on-chain data means a ‘market turn’.
He pointed to $28,200 as the next resistance level and predicted that Bitcoin would eventually break through it and reach $30,000.
He said, “It is a resistance level that is difficult to break through the barriers of $27,400 and $28,200,” but added, “Recently, Bitcoin has shown a new wallet creation rate of about 2.5%, and these wallets have created about 834 bitcoins at an average of $25,850.” “They appeared to be buying,” he explained.
He then emphasized, “We believe that Bitcoin will exceed $30,000 as significant signals are being observed, such as about $700,000 (approximately KRW 925.4 million) of funds flowing into Bitcoin last week.”
Reporter Seungwon Kwon ksw@
