- Glassnode Alerts launched updates concerning two on-chain metrics for BTC this morning.
- In response to the tweets, each on-chain metrics just lately hit one-month lows.
- At press time, the crypto market chief’s value is buying and selling simply above $28,000.
Blockchain intelligence agency glassnode alerts (@glassnodealerts) posted two tweets concerning the crypto market chief this morning. First Tweeter completed this morning, glassnode alerts shared that the typical block dimension (7d MA) for Bitcoin (BTC) simply hit a one-month low of 1,729,269.574.
The tweet added {that a} earlier month low of 1,729,395.639 was seen on April 16, 2023. Shortly after this message, glassnode alerted then tweeted that the variety of outputs spent in BTC with a lifespan of lower than 1h (7d MA) additionally just lately hit a one-month low of seven,738.946.
At press time, CoinMarketCap exhibits that the worth of BTC has fallen 3.16% prior to now 24 hours. This 24-hour loss additionally pushed BTC’s weekly value efficiency additional into the pink at -9.10%. Consequently, the worth of the principle crypto is at the moment buying and selling round $28,004.17.
BTC’s market dominance has additionally dropped because the crypto’s dominance is estimated at round 45.78% in keeping with CoinMarketCap. This can be a 0.25% decline in crypto market dominance.
The value of BTC has fallen under the 9- and 20-day EMA strains over the previous 24-36 hours. Consequently, the crypto rests on the important thing assist stage at $28,000 at press time. A drop under this stage could trigger the worth of BTC to say no to the subsequent key assist stage at round $27,100 inside the subsequent 24-48 hours.
Technical indicators assist this bearish thesis, because the 9-day EMA line is about to cross decrease under the 20-day EMA line. Moreover, the each day RSI line has additionally just lately crossed the each day RSI SMA line.
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