Banks can be shut down, but Bitcoin never halts. While a global IT outage caused by CrowdStrike hit multiple sectors, exposing the weaknesses of centralized systems, kept going strong. Its decentralized nature helped it break price resistances as traditional markets… — 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_)
Glassnode Insights: Indicators of a Bullish Bitcoin Sentiment
According to Glassnode’s latest , there’s a growing sense of optimism surrounding Bitcoin’s market outlook.
The co-founders of Glassnode, known collectively as Negentrophic, shared insights on platform X, emphasizing the continuous operation of Bitcoin with the phrase, “Banks can be shut down, but Bitcoin never halts.”- Market Type: The stability of Bitcoin is mirrored in its current market type score of 7, consistent with the previous week and indicating less volatility compared to the 52-week average of 41.
- Market Risk: Currently, Bitcoin is categorized under a low-risk environment with a score of zero, showing a notable decrease from last week’s high-risk score and substantially lower than the 52-week average.
- Price Momentum: Although still in negative territory at -24, the price momentum shows improvement from -60 the previous week. This suggests a positive shift in market dynamics despite the current score being below the 52-week average.
- On-Chain Fundamentals: Scoring 54, this metric stands neutral, aligning closely with the previous week’s score and the 52-week average, indicating stable on-chain activity and hinting at potential for recovery in Bitcoin’s market.
Crypto Market Current Performance
Despite these promising signals, the market experienced a mild drop earlier today, with slight corrections observed among different assets.
For instance, Bitcoin has dropped from its 24-hour high of $68,480 to current trading at $67,170—a 0.7% drop in the past day.
Ethereum also has mirrored this slight dip in Bitcoin, with the second largest crypto by market cap dropping by 1.5% in the past day to trade at $3,461. Given that the Glassnode indicators are still indicating growing optimism, it is worth noting that we could still see a rebound later this week; after all, Mondays are just the beginning of a trading week. Featured image created with DALL-E, Chart from TradingView