Blockwire Analyst: The uptrend in bitcoin starts with a price exceeding $ 47,000

Will Clemente, an analyst at the Blockware Institute, says the long-awaited uptrend will begin if the price of bitcoin exceeds $ 47,000. He uses input to detect this resistance.

According to YouTube, Clement has reached the level of 47,000 dollars using the Bitcoin Cost Basis index. This index shows the average purchase price of bitcoin investors. The cost base for short-term bitcoin holders is $ 47,000. In other words, the average purchase price of such an investor is $ 47,000.

Clement wrote on Twitter:

The price of bitcoin recently balanced somewhere between the base price of short-term holders (green line in the photo) at $ 47,000 and the implicit price of holders (HODLer Implied Price – blue line in the photo) at $ 40,000. holders ‘costs suggest an upward trend, and if the index breaks down the owners’ implicit price chart, some holders may surrender and sell their bitcoins in the future.

Blockwire Analyst: The uptrend in bitcoin starts with a price exceeding $ 47,000
Price comparison, cost base of short-term holders and implicit bitcoin price.

As can be seen from the image above, the intersection of these two indicators can be an ascending or descending sign for bitcoin investors, depending on their direction of movement. Currently, if bitcoin continues to fall, the price may experience a deeper decline as the pressure on sales intensifies among short-term holders.

The implicit price index of holders cited by Clement is the product of the realized price (the total value of bitcoin units based on the purchase price divided by the total number of shares in circulation) of the number of livelihoods. Vitality is an indicator of the behavior of owners and measures the ratio of total bitcoins spent to total bitcoins in the network.

Unused bitcoins are units that have not been traded for a long time or have remained so-called intact. The number of liveliness varies from zero to 1; As the accumulation process between holders continues, this index decreases and approaches zero, and on the other hand, with the increase in sales among long-term holders, it increases and approaches the number 1.

In general, if the cost index of short-term holders breaks the implicit price chart down, the market is expected to face increasing sales pressures and therefore lower prices. Maintaining the current situation and increasing the gap between these two indicators can also stabilize the market situation.

A break above $ 47,000 could be the spark to start a big uptrend. However, as bitcoin has lost more than 12 percent of its value since early April, some traders may still decide to exit their trading positions and increase downward price pressure.

Blockwire Analyst’s publication: Bitcoin’s uptrend began at $ 47,000, which first appeared in digital currency.

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