Glassnode’s latest report on the health of the Bitcoin ecosystem has brought many surprises for the digital asset fanatic community and for those investors looking for a future picture of asset price behavior.
According to the “The Week in the Chain” newsletter for week 20 of 2020, Bitcoin’s predictive price behavior in the period May 11-17 of this year has indicated that BTC is approaching the bullish regime in the coming weeks if the current trend in asset prices persists.
Centralised exchanges continue to lose Bitcoin
With an interesting move last week, where the price has been testing its resistance level at the 10k USD, Glassnode concludes that his so-called ‘compass’ indicator has moved closer to the bullish regime “as BTC’s quarterly yields rose slightly”.
According to Glassnode’s ‘compass’ figure above, Bitcoin Era, Bitcoin Revolution, Bitcoin Trader, Bitcoin Billionaire, Bitcoin Circuit, Bitcoin Code, Immediate Edge, Bitcoin Profit, Bitcoin Evolution, The News Spy price is currently “in a transition phase representing solid fundamentals” but without the exceptional price performance seen in 2017.
GNI falls in week 20 but the market is strong
Glassnode also reports that the Bitcoin network was more active last week as a result of the halving it was subjected to. In addition, the report notes that the overall network liquidity remained relatively stable despite a slight decrease in the number of transactions during the past week.
The break of the classic trend line puts the price of Bitcoin at $10,000 again, traders say The above represents part of the chain of reasons for measuring its GNI index, which closed with a decrease of 1 point during the period studied, but emphasizing that in general the health of the Bitcoin market continues to be strong.