Bitcoin Nears Bullish Breakout with Confirmation of Bottom Reached, Says Glassnode Co-founder

Bitcoin’s price has been stuck below $28,000 for several weeks, causing poor sentiment around the cryptocurrency. However, recent data indicates that Bitcoin could potentially be on the cusp of a bullish breakout. Glassnode co-founder Negentropic believes that the bottom for Bitcoin is near and that it is only a matter of time before the price “goes off.” According to his analysis, shorts are getting exhausted after failing numerous attempts to break below 200SMA, which is a solid support. With the 50SMA’s bullish crossover over 200SMA, Bitcoin is expected to flip the narrative in its favor soon. Existing Bitcoin holders’ conviction remained “remarkably high,” even as the market witnessed extreme volatility and immense deleveraging over the last two years, according to analytic firm Glassnode. Santiment also observed that investors are moving their Bitcoin stashes from crypto exchanges to cold storage wallets, indicating future bull runs. Bitcoin holders have lost confidence in centralized crypto exchanges, with supply held on exchanges falling to 5.84%, the lowest level in the past five and a half years. The shift from custodians to self-custody systems gained traction in 2022 and continued throughout the year. The decline became even more pronounced after the collapse of Sam Bankman-Fried-led crypto giant FTX Group. Over the past few months, Binance has also seen a rise in bitcoin outflows, indicating that many users incline towards self-custody instead of a third-party custodian.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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