Bitcoin is currently trading at $26,000, with on-chain activity at levels last seen before its run to 2021 all-time highs. According to CryptoQuant, the metric of Bitcoin units moving around the network is now at levels last seen in October 2020. This suggests that the impetus to buy or sell is reduced, and that the market is in a “wait and see” mode.The data is significant for another reason, as it accompanied Bitcoin’s first ascent past $20,000 to new all-time highs a year later. However, Bitcoin appears broadly oversold at its current $26,000, per its daily relative strength index (RSI). The 12-hour RSI hit its lowest in five years this month and has yet to recover, indicating a lack of investor interest.
| Information |
Details |
| Geography |
Global |
| Countries |
|
| Sentiment |
neutral |
| Relevance Score |
8 |
| People |
Ki Young Ju, Cointelegraph, Wen Moon, Cointelegraph Markets Pro, TradingView |
| Companies |
CryptoQuant, X (formerly Twitter), Cointelegraph Markets Pro, TradingView, Cointelegraph |
| Currencies |
Bitcoin, Ethereum, USD |
| Securities |
None |
