Ah, Bitcoin—our beloved cryptocurrency, poised on the precipice of despair! The illustrious analysts at Glassnode, armed with their digital crystal balls, have peered into the murky abyss and declare that BTC is flirting shamelessly with a bearish trend. How delightful! 🍿
It appears, my dear friends, that the one-month and six-month volume-weighted average price (VWAP) metrics have conspired to lead our dear Bitcoin into a downtrend that might last—how charming—months! Can you feel the excitement?
VWAP, for the uninitiated, is that magical concoction which calculates the average traded price, cunningly factoring in both volume and price—like counting calories while inhaling a slice of cake.
“An on-chain analog to the ‘death cross’ has emerged,” whispers the analytical oracle. “The 30-day volume-weighted price of BTC has crossed below the 180-day. Weakening momentum, indeed! Historically, this scene heralded months of bearish trends.” What a riveting historical pattern! 📉
Now, let us discuss the traditional death cross—a theatrical event in the grand opera of technical analysis—when the 50-day moving average, in a fit of dramatic flair, plummets below the 200-day average. Truly, a sight to behold!
Our friends at Glassnode, however, have decided to sprinkle some of their own methodological glitter on this concept, suggesting that their on-chain variety offers a far more delectable measure of market sentiment. How avant-garde! 💫
“To bring this [death cross] concept into the on-chain domain,” they elucidate with magnanimous self-importance, “we construct an analog using on-chain volume-weighted prices for coins moved in the last month compared to the last six months. Thus, we reflect market sentiment by considering when and how much capital actually moves on-chain.” Voilà!
At the time of this revelation, Bitcoin is sulking at $82,040, having taken a delightful dip of 5.4% in the last 24 hours. So much for sunshine and rainbows!
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2025-04-03 21:22