Bitcoin on-chain data shows 5 reasons why the BTC bottom could be in

, they provide analysis on Bitcoin finding the bottom. When taking into realized value, miner capitulation, mining electrical costs, downdraw and record hodler numbers, a BTC floor of $16,600 - $16,950 seems formed.SLRV Ribbons flash a buy signaltrack investment flows by combining the 30-day and 150-day moving averages to the SLRV Ratio which is a percentage of the Bitcoin moved in 24 hours divided by BTC held for 6-12 months.

While the SLRV Ribbons have been bearish throughout 2022, the recent move to $16,600 flipped the indicator to bullish. According to Edwards, the change creates a buy signal for investors and institutional funds still in the market, thus building a strong case for Bitcoin’s price floor.

The current level of Bitcoin miner selling is the third largest in history, with the other two events happening when BTC was $2.10 in 2011 and $290 in 2015.In hindsight, investors would love to have those prices back and Edward’s suggests that the current BTC price may represent a similar value.Bitcoin miner capitulation involves miners turning off their ASICs which are no longer profitable, and selling portions of their Bitcoin reserves to cover expenses.

Throughout Bitcoin’s history, the NUPL metric has only shown such a large downdraw on four occasions.The previous occasions that witnessed such large downdraws represented value Bitcoin purchases for investors. Edwards suggests that if investors view BTC price as undervalued, their choice to accumulate could further solidify Bitcoin’s floor.

Another trend is forming as the long-term hodlers metric hits peak numbers. Currently, 66% of Bitcoin’s supply is in the hands of long-term hodlers, meaning they have held their Bitcoin for over one year.We have an all-time-high in long-term hodling. Those keeping Bitcoin at least 1 year now represent more of the network than ever before, 66%. Prior peaks of long-term holding all aligned with bear market toughs.

I don't trust you. 😂

I don't think the price will drop below $15k. But it is difficult to guarantee that another FTX will not collapse

Seems that way. Hold the line people!

Bottom or not, bear or bull UnilayerNetwork is going to do well with the vision of connecting every blockchains creating a very appealing environment for Web3 and project creators. Logix

This is said everytime before the next dump.... Crypto Winter is going to last year's. Stop with this nonsense

The bottom will be in when everyone gives up and stops asking when the bottom is in.

If it really is then shimmernet is positioned perfectly well due to their upcoming releases. Brand new tools for developers to create better usecases for crypto

Daily question: is the bottom in? 🤣🤣 Daily answer: no.

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