Bitcoin Momentum Indicators Are All Showing Death Cross: Say Hello To Bear Market?
2024年9月6日 - 6:00PM
NEWSBTC
Data shows three popular Bitcoin momentum indicators recently
formed a death cross pattern. Here’s what usually follows this
formation. Bitcoin Momentum Indicators Have Seen Bearish Crossovers
Recently In a new CryptoQuant Quicktake post, an analyst has
discussed the latest trend in three momentum indicators related to
Bitcoin. The momentum indicators here refer to combinations of some
important moving averages (MAs) related to the cryptocurrency. The
first is the “Active Address Momentum,” which involves the 30-day
and 365-day MAs of the daily unique number of BTC Active Addresses.
An address is said to be “active” when it makes some transaction on
the network, whether as a receiver or sender. Related Reading: $170
Million In Crypto Longs Bite The Dust As Bitcoin Plunges Under
$57,000 The number of Active Addresses may be the same as the
number of users visiting the network, so this metric tells us how
the blockchain activity is looking right now. Here is the chart
shared by the quant that shows the trend in the 30-day and 365-day
MAs of the Active Addresses over the last few years. As displayed
in the above graph, the monthly average of the Active Addresses saw
a cross under the yearly average shortly after the asset’s rally to
the new all-time high (ATH) and has since remained under it. This
crossover implies activity on the BTC blockchain has been on the
decline. Generally, user interest keeps rallies fueled, so an
increase in Active Addresses is needed to keep any more
sustainable. As investors are starting to pay less attention to the
cryptocurrency, conditions may not be right for a bull run anymore.
The chart shows that this kind of crossover also occurred at the
end of the bull run in the first half of 2021, although the
second-half rally did occur regardless. The second momentum
indicator is the famous Market Value to Realized Value (MVRV)
Ratio, which tells us whether the investors are in profit or loss.
As the chart shows, the MVRV Ratio has also seen its monthly cross
below its yearly, suggesting investor profits have been shrinking.
This pattern has historically served as a death cross, with BTC
shifting towards a bearish phase following it. The same cross also
appeared just before the 2022 bear market kicked off. Related
Reading: Bitcoin Could Drop To $40,600 If This Happens, Crypto
Analyst Says Finally, there is also the bearish crossover between
the 50-day and 200-day MAs of the Bitcoin price itself. Given all
these negative patterns across the different Bitcoin indicators,
the cryptocurrency may be heading towards at least a short-term
bearish period. BTC Price Bitcoin has struggled recently as its
price has dipped towards the $56,500 level. Featured image from
Dall-E, CryptoQuant.com, chart from TradingView.com
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