- Market sentiment mixed as investors wait for the next big BTC price move
- Retail investor interest is “temporarily plateaued” with a number of addresses with balances larger than 0.1 BTC “stagnated”
- Deposits and inflows on Bitcoin exchanges on decline indicating “low trading appetite from investors”
As per the weekly on-chain market observations made by blockchain analytics firm Glassnode, as the market moves sideways, this is a “deciding movement” for the Bitcoin price.
2019 is coming to an end and the leading cryptocurrency is well on its way to make a good end of the year. Starting at around $3,700, we went as high as $13,900. Since hitting this 2019 high, we haven’t made our way back to this level so far.
We did see some bouts of bulls in Q3 and Q4 of 2019 but have been making lower highs. Currently, BTC/USD is trading at $8,460 and this is the time for the flagship cryptocurrency to make a decision.
1/ Weekly #onchain market observations:
Sentiment is mixed as investors wait for the next big $BTC price move. This is a deciding moment as the market moves sideways.
— glassnode (@glassnode) November 15, 2019
And Net Unrealized profit/loss, a difference between the Relative Unrealized Profit and Relative Unrealized Loss, is which helps investors identify when to take profit and when to reenter.
Currently, the sentiments in the market are of optimism and anxiety as represented by the yellow color on the chart.
On October 24, for a brief point, the market went into capitulation when BTC price dropped below $7,500 but soon after it saw a jump of 42% after Chinese President XI Jinping promoted blockchain technology publicly.
Currently, the retail investor interest is “temporarily plateaued.” The growth of the number of addresses with balances larger than 0.1 BTC has “stagnated.”
It hit its peak on Oct. 24 reaching 2,850,750 addresses but now it has dropped to 2,797,670, a figure last seen in early Sept.
Another metric that is showing the slow movement in the market is the deposits and inflows on Bitcoin exchanges have been on the decline over the last week. It has fallen to the lowest level of 2019 which indicates “low trading appetite from investors.”
Bitcoin exchange deposits (7-day moving average)
Recently, we also saw a huge spike in the Average Spent Output Lifespan (ASOL) for Bitcoin. This has been the highest level seen this year. With Bitcoin as old as 250 days being moved, that corresponds to mid-March when BTC price was at around $4,000, it is possible that people are taking the profits.
There is a huge spike in the Average Spent Output Lifespan (ASOL) for #Bitcoin today.
It's the highest we've seen this year. On the hourly chart, bitcoins as old as 250 days are being moved. This corresponds to mid March when the price was at ~$4,000. Profit taking here? pic.twitter.com/PYU4ToNUzV
— Rafael Schultze-Kraft (@n3ocortex) November 15, 2019
“There is high potential for investors to take more profits as SORPD bands hover around $8k,” stated Glassnodes.