Following the recent release of US job data, numerous BTC traders are anticipating a significant upward move. Over the past few days, Bitcoin’s price has displayed sideways movement, leaving investors eagerly awaiting a potential breakout in the coming week. However, several on-chain data points are now signalling bullish indicators, which may soon restore investor confidence and propel the price above the $30K threshold.
Bitcoin’s On-Chain Metrics Suggest Bullish Trend
Bitcoin’s price has experienced an impressive 30% increase over the past 30 days, reclaiming the critical $28K level. However, traders are now eagerly anticipating BTC’s next price leap to break through the $30K barrier.
On-chain indicators appear favourable for Bitcoin (BTC), even amid the leading digital asset’s sideways price movement this week, as reported by crypto analytics company Glassnode. Glassnode is closely monitoring the miner fee revenue momentum metric, which measures increasing demand in the BTC market.
The analytics firm indicates that the metric is currently displaying signals of increasing demand for Bitcoin. The firm stated that the 90-day Simple Moving Average (SMA) for fees surpassed its annual average recently, indicating that fresh demand is entering the market.
The firm revealed that, for the first time, the Open Interest in Bitcoin Options contracts has exceeded that of Futures contracts. Bitcoin Options contracts currently stand at approximately $10.3 billion, while Futures contracts amount to $10 billion.
Glassnode also noted that Futures Open Interest has remained relatively stable in 2023. The recent surge in Call options suggests that investors are speculating on a higher Bitcoin price in the future.
Moreover, another crypto analytics firm, Santiment, reports that Bitcoin traders are presently executing transactions at a loss at double the rate of profit, which the firm considers a positive development for the market.
Is BTC Price Approaching $30K Next Week?
Bitcoin’s value has hovered under the $29,000 mark in recent days, with experts expressing mixed opinions on its immediate future. Some analysts predict a potential increase to $30,000, while others contend that it may have reached a temporary peak.
A symmetrical triangle has emerged near $29,000 in the Bitcoin chart, indicating an equal level of uncertainty among bullish and bearish traders regarding the BTC’s upcoming price movement.
As of writing, Bitcoin trades at $28K, with an uptick of 0.37% from yesterday’s performance. Analyzing the daily price chart, bulls seem to have a slight advantage, as evidenced by the 20-day EMA ($27,465), which is trending upwards, and the relative strength index (RSI) above 55.
If Bitcoin surges above $29K by Monday, it may continue its surge and reach the projected bullish goal of $30K. However, a bearish reversal below EMA-20 will send the asset to test its support near $27K.
Was this writing helpful?
No Yes
Shayan Chowdhury
Shayan is a digital nomad and a professional journalist. He delivers high-quality engaging articles to Coinpedia through his in-depth research and analysis.
