Bitcoin is showing all the signs of further price gains but macro markets could still bring the bull run to an end, says Glassnode.
As BTC/USD challenged $11,500, Glassnode revealed various network fundamentals, which pointed the way to even stronger price performance.
Combined in its Glassnode Network Index index, both liquidity and overall network health were decidedly bullish.
"After over 2 months of indicating an upcoming price increase, the compass' position in the bullish zone is finally being reflected in the price of BTC," the update summarized.
"Consistently strong on-chain fundamentals suggest that this may indeed be the beginning of the next bull market."
As buoyant as Bitcoin appeared, there was still room for historically sensitive factors to return to spoil the fun for investors.
"However, despite strong sentiment, a crash in traditional markets could halt this bull run in its tracks, as we saw on Black Thursday in March," Glassnode added.
Investors should remain cautious in their optimism, given the fragility of financial markets in the current day and age."
As Cointelegraph reported, Bitcoin has shown high correlation with certain macro components, notably stock markets and particularly the S&P 500.
Despite falling in March, Bitcoin's recovery beat the precious metal convincingly, with year-to-date returns currently standing at over 55%. On Monday, various traders offered their most likely scenarios for short-term Bitcoin price trajectory.
Stocks Crash Can Stop $11.3K Bitcoin Price 'In Its Tracks'
Publicado en Aug 4, 2020
by Cointele | Publicado en Coinage
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