The $15,000 price mark could be a good price bottom for BTC The SOPR 30MA showed that a bottom formation might be on BTC’s horizon A further decline to the $15,000 price range could mark the price bottom for leading coin, Bitcoin [BTC], CryptoQuant analyst Nakju opined in a report. According to Nakju, many traders […]
According to Nakju, many traders often use BTC’s Coin Days Destroyed metric to assess the movements of long-held coins on the BTC network. These traders also interpret the same as a sell signal.However, Nakju opined that the CDD metric could also represent volatility rather than just be used to assess the proper time to sell. Taking a cue from the historical performance of BTC’s CDD, it has acted as a precursor to both big price plunges and significant price rises.
According to Nakju, trend reversals “of any asset occurs when the volume of transactions is small.” Hence, the $15,000 price mark might be a price bottom to be followed by a long-term rally in BTC’s price., found that the current value of the king coin’s SOPR MA30 was 0.54. This was while assessing BTC’s Spent Output Profit Ratio on a 30-day moving average.
Onchain Edge recommended using dollar cost averaging and setting accumulation targets as BTC gears up to touch the bear market’s bottom.Day traders are not dilly-dallying. An assessment of the king coin’s performance on a four-hour chart revealed increased accumulation by day traders.
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