Bitcoin In ‘Neutral’ Zone: What This Means, According To Analyst

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Related Reading: Crypto Market In Trouble As Analyst Predicts $1 Trillion Crash Bitcoin Whales Count Reach 17-Month High In other news, amidst Bitcoin’s turbulent performance in the last month that have left many retail traders with losses, the number of market whales have maintained a steady growth.  According to data from on-chain analytics firm Santiment, there has been a net increase of 283 wallets holding 100+ BTC in August, bringing this metric to a 17-month high of 16,120.

According to Grizzly, when this indicator ranks between 0.6 and 0.8, as it currently is, it indicates the BTC market is a "decision zone”, with an equal potential to initiate an uptrend or a downtrend.  Generally, a dip below 0.6 indicates that Bitcoin miners are earning less than the historical average, mostly due to a decline in BTC price.

Puell Multiple Index Puts Bitcoin In Decision Zone In an X post on Saturday, Grizzly stated that there is much uncertainty around Bitcoin’s movement based on data from the token’s Puell Multiple index.

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Article Details

Author / Journalist: Semilore Faleti

Category: Crypto

Markets: United KingdomIndiaUnited States

Topics: Cryptoquant BTCUSDT Dollar-cost averaging BTC market Bitcoin Btcusd Puell multiple index

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-01 @ 09:00:10 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 415 words

Reading Time: 3 minutes read

Sentences: 63 lines

Sentence Length: 7 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 22318639

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