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- Bitcoin price shows a significant uptick in volume while trading below the 200-week moving average.<\/strong><\/li>\n
- Ethereum price hovers above the 200-week moving average but shows bearish on-chain metrics.<\/strong><\/li>\n
- Ripple price on-chain metrics could form the sell signal that high-cap investors are looking for.<\/strong><\/li>\n<\/ul>\n
A common rule amongst fishermen is that guppies and goldfish can never mix<\/strong>.<\/p>\n
This article utilizes on-chain metrics to gain perspective on the current cryptocurrency<\/a> market. Although market sentiment and the technicals hint at bullish potential, the on-chain metrics are beginning to paint an entirely different narrative.<\/p>\n
Bitcoin price has a decision to make\u00a0<\/strong><\/h2>\n
Bitcoin price currently auctions at $19,743 as the Volume Profile Indicator shows a significant uptick in transactions while BTC price remains stagnant. The mundane market movemen<\/a>t comes after Bitcoin lost 20% of its market value last month.\u00a0<\/p>\n
The bears successfully breached the 200-week moving average (WMA) and caused bulls to jump ship near the psychological $20,000 level. The breach has enticed retail traders to join the bears calling for the liquidation<\/a> of summertime’s lowest Bitcoin price at $17,622.<\/p>\n
![\"tm\/btc\/9\/5\/22\"](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/BTCUSDT_2022-09-05_13-19-28-637979987786027092.png\")
<\/p>\nBTC.USDT 2-Day Chart<\/small><\/strong><\/p>\n
On-Chain Metrics<\/strong><\/h3>\n
Underneath the hood, the Bitcoin price shows a confounding piece of evidence for day trading bears. CryptoQuant’s Bitcoin Miners’ Position Index shows a significant uptick in the miners’ deposits to exchanges. On September 1, the indicator was nearly 10x compared to its average fluctuating range.<\/p>\n
- Ethereum price hovers above the 200-week moving average but shows bearish on-chain metrics.<\/strong><\/li>\n