Data from MI_Algos shows that Bitcoin might reclaim its 200-week moving average.
"But $BTC is still just ranging between $19K-$22K. This will continue until either of these levels is broken Intra-range moves aren't substantial enough to dictate changes in sentiment.", that sentiment achieved an unenviable record this week, as crypto markets capped their longest-ever period in a state of"extreme fear" as per the Crypto Fear & Greed Index.
14,000 BTC was transferred from miner wallets on July 15, Binh Dang showed, and while not specifically indicative of selling, the phenomenon was worth tracking. "At this point, we can not be sure that this distribution is positive or negative, so we should be careful to watch out for the next few days," heSeparately, a new indicator, the Energy Gravity Model, covering Bitcoin production costs showed that miners were likely able to pay comparatively low amounts for energy in order to mine at a profit at current BTC spot prices.
"Bitcoin Energy Gravity is the maximum USD price modern mining rigs are willing to buy electricity at to make a profit. ie: breakeven electricity rate," the model's creator, BlockWare analyst Joe Burnett, explained in a"From this maximum bid price, it is possible to get a better understanding of when the price of Bitcoin is overextended and when the price may be approaching a bottom.
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