According to\u00a0Glassnode<\/a>, the Bitcoin URPD indicator shows that over 530,000 BTC, or 3.18% of supply, changed hands in the $22,400 price range. This range is currently the largest volume node, demonstrating investor interest around the key on-chain cost basis of the realized price.<\/p>\n The #Bitcoin<\/a> URPD shows +530K BTC (3.18% of supply) changed hands around the $22,400 price region.<\/p>\n This area is now the largest volume node, showing investor interest around key on-chain cost basis: \u2014 glassnode (@glassnode) August 12, 2022<\/a><\/p><\/blockquote>\n The $22,400 level is also quite important since it is close to the 200 WMA ($22,877), which has historically been an indicator for\u00a0a bottoming formation, according to Glassnode.<\/p>\n At its current price of $24,458, Bitcoin is presently\u00a0trading above both the realized price, which is $21,773, and the Long Term Holder Realized Price (LTH Realized Price), which is $22,722. This represents the average value of the BTC coin supply as of the most recent on-chain transaction.<\/p>\n With BTC prices above the realized price, the short-term outlook has improved with participants willing to gain exposure to the lead cryptocurrency. The overall miner balance has decreased by about 4,700 BTC over the past two weeks. This shows that during the recent price surge, aggregate miners were taking some exit liquidity, perhaps to strengthen their balance sheets and manage risk.<\/p>\n Ads<\/p>\n<\/div>\n<\/div>\n The #Bitcoin<\/a> hash-ribbons remain inverted, signifying residual stress remains within the mining industry.<\/p>\n However, the faster 30DMA 🟢 is starting to stabilise, suggesting some improvement to miner financial conditions.<\/p>\n Chart: https:\/\/t.co\/cZrD4U1d8d<\/a> pic.twitter.com\/CsQrc8BsXG<\/a><\/p>\n \u2014 glassnode (@glassnode) August 12, 2022<\/a><\/p><\/blockquote>\n The fact that the Bitcoin hash ribbons<\/a> are still inverted indicates that there is still stress in the mining sector. However, the faster 30 DMA is beginning to stabilize, signaling that the financial situation of miners may be improving. Miner stress reached its climax in June as BTC prices fell below $20,000. Glassnode observes that the distribution of miners to exchanges has significantly decreased recently, indicating that while industry stress is still present, the “worst may well be behind.”<\/p>\n According to Fidelity’s Jurrien Timmer<\/a>, “Bitcoin is attempting to form another base, and so far it looks like a good one.”<\/p>\n Bitcoin is attempting to form another base, and so far it looks like a good one. pic.twitter.com\/VOh9VRY6yf<\/a><\/p>\n\n
– Realized Price: $21,773
– LTH Realized Price: $22,722https:\/\/t.co\/Uwjn1QgCtg<\/a> pic.twitter.com\/8NGhNCUX7I<\/a><\/p>\n<\/a><\/p>\n
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Bitcoin “forming”\u00a0another base<\/h2>\n
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