Bitcoin (BTC) shows all signs of new price increasesBut the macro markets could still end the upward trend, says Glassnode.
In its latest weekly update The week before the chain, the analyst warned of an outside force that “will stop this bullish rise on its way.”.
Glassnode: This could be the start of the next BTC bull market
When BTC / USD challenged $ 11,500, Glassnode revealed several fundamentals of the network and pointed the way for an even stronger price development.
Combined in your Glassnode Network Index (BNE), Both the liquidity and the overall health of the network were extremely positive. Hodler’s lack of saving behavior led to a decline in “mood”, another component of the index.
However, The general GNI was 73/100, a change of 3 points compared to the previous week.
The glass node BNE. Source: Glassnode
On the other hand, The Compass Company tool remained optimistic for the tenth consecutive week.
“After more than two months of an impending price increase, The compass position in the bullish zone is ultimately reflected in the price of BTC“summarized the update.
“The consistently strong fundamentals in the chain suggest that this could be the start of the next bull market.”
Bitcoin remains macro-sensitive
As lively as Bitcoin seemed, There was still room for historically sensitive factors to spoil investors’ fun again.
“Despite the strong feeling A decline in traditional markets (as predicted by many analysts) could stop this bullish move on its way, as we saw on Black Thursday in MarchGlass node added.
“Therefore, investors should be cautiously optimistic about today’s fragile financial markets.”
As Cointelegraph reported Bitcoin has shown a high correlation with certain macro components, especially the stock markets and especially the SP 500. The past few weeks have broken the trend as stocks cool, but BTC / USD accelerates in line with safe havens like gold.
Bitcoin chart versus 6-month SP 500. Source: Skew
Despite the fall in March Bitcoin’s recovery convincingly hit the precious metal. Yields this year were currently over 55%.
On Monday, several retailers offered their most likely scenarios for Bitcoin’s price path at short notice. Previously, sentiment had already merged into a probably new bullish phase that would start in late August.