New all-time high! Bitcoin cracks $58,200 – on-chain data turns ‚mostly bullish‘
Bitcoin, the world’s largest cryptocurrency by market cap, broke through the $58,000 price level based on strong fundamentals and favourable on-chain data.
Bitcoin broke through the $56,000 level on Thursday and then rose to the $57,000 price level, which saw a big sell-off last week and a local peak last month. Sentiment for the world’s largest Bitcoin Trader the cryptocurrency is strong, with no major negative news or other setbacks so far.
Data from on-chain analytics service IntoTheBlock shows a „mostly bullish“ environment for bitcoin („Bitcoin recaptures $1 trillion market cap!“). Despite this, two indicators predict „bearish“ activity, while four on-chain trackers show a „bullish“ sentiment for the asset’s medium-term price movements.
The bearish signs are the low „net network growth“ at -0.44%. The indicator calculates the true growth of the market using new addresses minus those that go to zero.
Another bearish element is the falling number of ‚large transactions‘, meaning that on-chain usage for transactions over $100,000 has fallen in recent days.
However, much of the on-chain data is bullish, with 0.75% of all addresses ‚in-the-money‘ and therefore in profit, while the ’smart price‘ – which calculates average bid-ask levels for bitcoin trading – is showing a ‚bullish‘ sign at 0.33%.
Momentum in the futures market also remains high, showing positive funding levels, open interest and favourable volume among bitcoin traders.
Bitcoin (go to buy bitcoin at eToro guide) is in a firm uptrend at the moment, as the image below shows. The asset has risen above the $57,000 level resistance and is trading above the 21-period exponential moving average – a tool used by traders to determine market trends.
The next major resistance for Bitcoin is at $58,200 – its current all-time high.
BNB gains, large-cap alts tumble
Binance’s own BNB token led the gains among all large-cap altcoins. The asset rose to $310, up nearly 10% in one day. Exchange owner Changpeng Zhao has been teasing an announcement for a few days, a point traders seem to be betting on.
Meanwhile, other top 10 tokens remained in the red. Ethereum lost -1.2% and oracle service Chainlink lost 3.1% from last day, while Polkadot fell 4% to $29.