{"id":323106,"date":"2023-06-26T11:00:51","date_gmt":"2023-06-26T05:30:51","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=323106"},"modified":"2023-06-26T10:18:30","modified_gmt":"2023-06-26T04:48:30","slug":"bitcoins-activity-stagnates-despite-price-uptrend-heres-why","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoins-activity-stagnates-despite-price-uptrend-heres-why\/","title":{"rendered":"Bitcoin&#8217;s activity stagnates despite price uptrend: Here&#8217;s why"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Bitcoin&#8217;s transition phase was at 227 days at press time, as the market was awaiting a bull run.<\/span><\/em><\/li>\n<li><em><span style=\"font-weight: 400;\">Supply on exchanges dropped as HODLers continued HODLing.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Bitcoin&#8217;s [BTC] price has finally broken through the $30,000 mark, thanks to its recent upward trend following several weeks of languishing below that threshold.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\">Bitcoin&#8217;s [BTC] Price Prediction<\/a> 2023-24<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Although this surge may signal a bullish period for the king coin, a recent report from Glassnode suggested that the market was still transitional.<\/span><\/p>\n<h4><b>Bitcoin&#8217;s transition<\/b><b> continues<\/b><\/h4>\n<p><span style=\"font-weight: 400;\"><a href=\"http:\/\/ambcrypto.com\/bitcoin-to-48000-in-crypto-summer-only-if\/\" target=\"_blank\" rel=\"noopener\">Bitcoin<\/a>\u00a0has made a notable move in its price trend, surpassing the $30,000 threshold. Although this breakthrough is significant, it has not yet triggered a full-fledged bull run, as indicated by the data from <a href=\"https:\/\/twitter.com\/glassnode\/status\/1672551159255506946\" target=\"_blank\" rel=\"noopener\">Glassnode<\/a>. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The market was still transitional at the time of writing, suggesting that further developments are needed before a sustained upward trend could be established.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Previous <a href=\"http:\/\/ambcrypto.com\/bitcoin-in-peter-schiffs-books-valid-views-or-skeptic-critic\/\" target=\"_blank\" rel=\"noopener\">Bitcoin<\/a> market phases were easy to assess based on their duration to gain insights into what lies ahead. We could establish a benchmark by examining the number of days spent in bull markets, bear markets, and transitional periods. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The transitional phase is measured from a cycle&#8217;s all-time low (ATL) until a new all-time high (ATH) is reached.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Assuming that the lows experienced in November 2022 remain intact, it can be argued that the market has been in a transitional period for 227 days. Historical data indicates that previous transitional periods lasted between 459 and 770 days, suggesting that investors may need to exercise patience for an average of 8 to 18 months until a new market ATH.<\/span><\/p>\n<figure id=\"attachment_323133\" aria-describedby=\"caption-attachment-323133\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-bull-and-bear-market-durations.png\"><img decoding=\"async\" class=\"wp-image-323133 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-bull-and-bear-market-durations.png\" alt=\"Bitcoin bull and bear market duration\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-bull-and-bear-market-durations.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-bull-and-bear-market-durations-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-bull-and-bear-market-durations-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-bull-and-bear-market-durations-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-bull-and-bear-market-durations-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-323133\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">During these transitional periods, <a href=\"http:\/\/ambcrypto.com\/chatgpt-bitcoin-price-prediction-14\/\" target=\"_blank\" rel=\"noopener\">Bitcoin<\/a> prices fluctuate within the range of the Realized price, and the Realized Price + 0.5 standard deviation band. It is important to note that, as of this writing, the bear market has lasted 593 days.<\/span><\/p>\n<h4><b>Current price trend<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">As of this writing, <a href=\"http:\/\/ambcrypto.com\/bitcoin-to-48000-in-crypto-summer-only-if\/\" target=\"_blank\" rel=\"noopener\">Bitcoin<\/a> was trading at approximately $30,600, reflecting a marginal increase of less than 1% in its value. The ongoing trend exhibited a bullish nature, evident from the positioning of its Relative Strength Index (RSI). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The RSI was above 70, signifying a strong bull trend and an overbought condition. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Historical patterns have shown that a corrective trend typically ensues whenever the RSI enters this zone. Therefore, this suggested the possibility of an imminent correction shortly.<\/span><\/p>\n<figure id=\"attachment_323134\" aria-describedby=\"caption-attachment-323134\" style=\"width: 1289px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-25_14-34-20.png\"><img decoding=\"async\" class=\"wp-image-323134 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-25_14-34-20.png\" alt=\"BTC\/USD price move\" width=\"1289\" height=\"678\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-25_14-34-20.png 1289w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-25_14-34-20-300x158.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-25_14-34-20-1024x539.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-25_14-34-20-768x404.png 768w\" sizes=\"(max-width: 1289px) 100vw, 1289px\" \/><\/a><figcaption id=\"caption-attachment-323134\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<h4><b>Supply on exchanges continues to decline<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">A consistent decline could be observed upon examining the supply of <a href=\"http:\/\/ambcrypto.com\/bitcoin-and-nasdaq-the-latest-trend-in-market-correlation\/\" target=\"_blank\" rel=\"noopener\">Bitcoin<\/a> held on exchanges. As of this writing, the supply on exchanges accounted for 6.2% of the total supply, according to data from <a href=\"https:\/\/app.santiment.net\/charts\/RIWnUcWz__sCl\" target=\"_blank\" rel=\"noopener\">Santiment<\/a>. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">These figures aligned with the findings from Glassnode, indicating that Bitcoin holders were adopting a patient approach, eagerly awaiting the asset to enter a full-fledged bull trend.<\/span><\/p>\n<figure id=\"attachment_323135\" aria-describedby=\"caption-attachment-323135\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Bitcoin-BTC-15.57.50-25-Jun-2023.png\"><img decoding=\"async\" class=\"wp-image-323135 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Bitcoin-BTC-15.57.50-25-Jun-2023.png\" alt=\"BTC supply on exchanges\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Bitcoin-BTC-15.57.50-25-Jun-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Bitcoin-BTC-15.57.50-25-Jun-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Bitcoin-BTC-15.57.50-25-Jun-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Bitcoin-BTC-15.57.50-25-Jun-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Bitcoin-BTC-15.57.50-25-Jun-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Bitcoin-BTC-15.57.50-25-Jun-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-323135\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the <a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\">Bitcoin Profit Calculator<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Furthermore, an analysis of active addresses and volume data on Santiment revealed that regular activities within the <a href=\"http:\/\/ambcrypto.com\/bitcoin-bulls-have-one-last-hurdle-before-35k\/\" target=\"_blank\" rel=\"noopener\">Bitcoin<\/a> network persisted. This observation further reinforced the notion that holders were biding their time during the ongoing transition phase. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It suggested that they maintained their positions and patiently anticipated favorable market conditions before making significant moves.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin breaks through $30,000, hinting at a bullish trend. However, the market remains transitional, requiring further development before establishing a sustained upward trend.<\/p>\n","protected":false},"author":76,"featured_media":323136,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-323106","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin&#039;s activity stagnates despite price uptrend: Here&#039;s why - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Despite its recent uptrend in price, Bitcoin is yet to commence its bull trend as hodlers continue to hodl.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/bitcoins-activity-stagnates-despite-price-uptrend-heres-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin&#039;s activity stagnates despite price uptrend: Here&#039;s why - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Bitcoin breaks through $30,000, hinting at a bullish trend. 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