Bitcoin and Ethereum are behaving stronger than SP500📈 (Santiment)

New weekly crypto review from Glassnode:
While there is real chaos in the traditional markets, bitcoin is quite stable.

BTC has been in the range of 18000-20000 for 4 months already, this is the calm before a very strong storm.

The average break-even price for BTC miners is slightly below current values. A price move below this level can cause a lot of stress and capitulation.

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BTC accumulation rate hits 7-year high

Bitcoins that haven't moved for 6 months or more now account for 74% of the realized capital.

In recent lows, the numbers were as follows:

- 70% in 2019
- 77% in 2015

They buy BTC and just hold on the wallet for (minimum) 6 months. Nearly 28% hold between 12 and 18 months.

The relatively small amount of Bitcoin short liquidation and the concurrent rise in open interest could set off a chain reaction and trigger giant liquidations (CryptoQuant).

This is relevant for exiting the current trading both down and up. Therefore, the very first strong movement can lead to a jump in prices by 20-30%.

Globally, Bitcoin is in a zone where literally no one wants to buy, after a very long fall (CryptoQuant).

By itself, this information cannot accurately predict the bottom, but it clearly hints that the macro-day has either passed, or is somewhere very close.

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The ~19000$ level remains one of the most important supports for bitcoin. It is here that 1.3 million wallets have already bought 680,000 BTC (IntoTheBlock).

In the event of a powerful penetration of this level down, bitcoin will have big problems, since there simply weren’t any lower volumes and, accordingly, there will be no one to support the price.

Yesterday, the US published yet another inflation data worse than expected. As a result, the markets immediately went into a correction, but rather quickly bought out the fall. Interestingly, a massive set of longs was recorded on BTC futures on this news (CryptoQuant).

The overall situation in crypto is starting to look pretty good 📈

The current bear market compared to the 2013 and 2017 corrections is very similar in duration.

BTC is now close to the 2018 cycle low in terms of the number of days after the halving.

A descending triangle may have formed on Bitcoin with a potential downward exit (CryptoQuant). The events of 2018 are repeated, when the price, after a horizontal trade in the region of $6,000, went quite quickly to $3,200.

It is not a fact that history will repeat itself, but as always, you need to be careful and put stops.

Bitcoin's 20-day volatility has fallen below that of the Nasdaq and S&P 500 for the first time since 2020. It seems that the cryptocurrency is now really characterized by relative stability.

Bitcoin miners are very positive at the moment, they continue to invest in equipment even though the income has become very small. The hashrate / profit ratio from mining has updated the maximum (CryptoQuant).

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After bitcoin was adopted as the "standard" at MicroStrategy, its stock outperformed the market significantly. For comparison, shares of other US big techs are given.

Unlike the previous correction cycle, when panic selling prevailed, hodlers are now consistently accumulating positions (CryptoCompare).

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Despite the bear market, the number of processed transactions in the Bitcoin network has updated its historical maximum - already more than $14 trillion since the beginning of 2022 (Glassnode).

Such interest in bitcoin, even in the conditions of a crypto winter, clearly signals very great prospects for the future. Patience will be rewarded 📈

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