Market
Has Bitcoin Price Hit Bottom? 4 Crucial On-Chain Signals

In the crypto ecosystem, pinpointing the exact moment Bitcoin (BTC) prices bottom out is akin to finding a needle in a haystack. Recent data, however, provides some insights into whether the Bitcoin price has bottomed.
As the digital currency touched a one-month low of $58,500, analysts from CryptoQuant and Glassnode revealed four crucial on-chain indicators to watch. These indicators could be useful for analyzing market behaviors near the low points and understanding the conditions necessary for prices to rebound and rise again.
1. Tracking Bitcoin Demand Growth
The first quarter of 2024 saw a remarkable surge in Bitcoin demand coinciding with the launch of US spot ETFs, establishing record highs. However, post-May, this demand has seen a significant slowdown.
It is vital to observe the demand from permanent holders to determine whether Bitcoin has bottomed out. Permanent holders are now buying at a rate of 72,000 Bitcoin per month.
However, demand is significantly lower than in early 2024. A resurgence to these levels is essential for a sustainable price rally.
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

Apart from the demand side, Glassnode’s analysis reveals significant insights into the behavior of long-term holders (LTHs), who play a crucial role in the supply side as well. LTHs typically distribute coins and take profits during bull markets, helping to establish market cycle tops.
Currently, the market is witnessing a regime where LTH divestment is moderated. This indicates a move toward equilibrium rather than euphoria, which is a phase when the unrealized profits of LTHs are more than 250%. The high profits motivate LTHs to sell BTC aggressively, marking a market top.
The current equilibrium phase suggests that while LTHs are not yet ready to offload their holdings massively, they are also not accumulating at a pace, thus providing a balanced supply dynamic in the market.
2. Assessing the Profitability of Traders
Another indicator is the profitability of traders. Currently, on-chain unrealized margins for traders are in the negative, suggesting reduced selling pressure but not necessarily a readiness for a price rebound.
For a bullish signal, these margins need to turn positive and rise above their 30-day simple moving average.
“Since mid-June, the spot price has plunged below the cost basis of both the 1-week to 1-month-old holders ($68,500) and 1-month to 3-month-old holders ($66,400). If this structure persists, it has historically resulted in a deterioration of investor confidence and risks this correction being deeper and taking longer to recover from,” Glassnode said.
Read more: 8 Best On-Chain Analysis Tools in 2024

3. Evaluating Stablecoin Liquidity
The growth in Tether’s USDT market capitalization is a proxy for liquidity in the cryptocurrency market. After peaking at $12.6 billion in late April, the growth over the past 60 days has slowed dramatically to just $2.5 billion, marking the slowest pace since November 2023.
An acceleration in stablecoin liquidity is essential for Bitcoin prices to rally. This will provide the market with the needed capital inflow to support higher price levels.

4. Monitoring the Ultimate Bitcoin Price Support Level
The final indicator to watch is Bitcoin’s support level, currently pegged at $56,000 based on Metcalfe’s price valuation bands.
“This valuation is based on the Metcalfe law that states the value of a network is proportional to the number of users in the network,” CryptoQuant explains.
This level has historically acted as both resistance and support in previous cycles. It also provided support to Bitcoin when its price dropped to around $56,500 in May 2024. A drop below this critical support could signal a significant market correction while maintaining above this level could suggest the market has bottomed.
Read more: How To Evaluate Cryptocurrencies with On-chain & Fundamental Analysis

Amid these technical indicators, social sentiment also shows signs that the market may believe the bottom has been reached. Analysis from Santiment highlighted a spike in social volume and dominance for the term “bottom,” suggesting a growing belief among investors and traders that Bitcoin’s price may not fall further.
However, the market often tends to go against the retail sentiments. Hence, traders and investors should consider the nuances carefully and do their own research before building new market positions.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Under Pressure—New Lows Signal More Trouble Ahead

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.
In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.
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Market
Bitcoin Price Swings Wildly—Yet Bears Keep the Upper Hand!

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Bitcoin price started a recovery wave above the $85,500 zone. BTC is trimming all gains and might decline again toward the $80,000 zone.
- Bitcoin started a decent recovery wave above the $84,500 zone.
- The price is trading near $83,500 and the 100 hourly Simple moving average.
- There was a break below a connecting bullish trend line with support at $85,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the $82,200 zone.
Bitcoin Price Dips Sharply
Bitcoin price managed to stay above the $82,500 support zone. BTC formed a base and recently started a decent recovery wave above the $83,500 resistance zone.
The bulls were able to push the price above the $84,500 and $85,500 resistance levels. The price even climbed above the $88,000 resistance. A high was formed at $89,042 and the price started a sharp decline. There was a drop below the $86,000 and $85,000 levels.
There was a break below a connecting bullish trend line with support at $85,000 on the hourly chart of the BTC/USD pair. A low was formed at $82,141 and the price is now consolidating near the 23.6% Fib retracement level of the recent decline from the $89,042 swing high to the $82,141 low.
Bitcoin price is now trading near $83,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $84,000 level. The first key resistance is near the $85,000 level.

The next key resistance could be $85,550 and the 50% Fib retracement level of the recent decline from the $89,042 swing high to the $82,141 low. A close above the $85,550 resistance might send the price further higher. In the stated case, the price could rise and test the $86,800 resistance level. Any more gains might send the price toward the $88,000 level or even $88,500.
More Losses In BTC?
If Bitcoin fails to rise above the $85,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $82,800 level. The first major support is near the $82,200 level.
The next support is now near the $81,350 zone. Any more losses might send the price toward the $80,500 support in the near term. The main support sits at $80,000.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $82,800, followed by $82,200.
Major Resistance Levels – $84,200 and $85,500.
Market
XRP Price Reversal Toward $3.5 In The Works With Short And Long-Term Targets Revealed

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The XRP price is showing signs of a strong bullish reversal, with a crypto analyst predicting a potential rebound toward $3.5 and even higher. After experiencing significant volatility and undergoing a consolidation due to recent price declines, technical indicators now show support for XRP’s bullish outlook. As a result, the analyst has provided a short—and long-term price target for the cryptocurrency.
XRP Price Projected To Reverse To $3.5
According to ‘Setupsfx’, a crypto analyst on TradingView, XRP is now in a bullish reversal phase, meaning its price is expected to break out of its recent downturn and rise to new highs. Based on the expert’s chart analysis of XRP, the cryptocurrency is predicted to see an explosive increase to $3.5 following the end of its consolidation phase.
Related Reading
The chart indicates that the price of XRP is expected to rise to $3.5 in the coming months. However, from a fundamental analysis perspective, the analyst believes XRP is not limited to this bullish price target and could potentially surpass it to exceed current all-time highs of $3.84.

While the TradingView expert’s analysis of XRP maintains a neutral stance, implying uncertainty in the trend, he has also emphasized the cryptocurrency’s strong potential for growth. Hence, XRP could experience significant upward movement if market conditions align favorably and investor sentiment and confidence strengthen.
For his short-term price target, the crypto analyst forecasts that XRP could rally to a level above $3.5. He advises traders who intend to hold their positions for a short period to aim for this price level, as it could be a strategic exit point before a potential pullback.
Notably, the analyst’s long-term price target for XRP has been set at $4.0 or higher. Considering XRP’s price is currently trading at $2.09, a surge to $4 would represent an almost 100% increase in its price.
Technical Elements Supporting Bullish Reversal
In his chart analysis, Setupsfx highlights XRP’s price action in a 12-hour time frame, showcasing key movements, trends, and technical elements that support his bullish projection. These elements include liquidity and IMB zones, which are areas where price action is expected due to pending orders.
Related Reading
The analyst also highlights an accumulation phase, as XRP has been consolidating at lower levels, signaling the possibility of a potential breakout. The appearance of strong low wicks further indicates that buyers are regaining control of the market.
Finally, the TradingView analyst has indicated that the altcoin has already undergone a three-point trendline rejection, which means it has tested and rejected a resistance level multiple times. The expert’s price chart also provides an ideal entry point for both short and long-term traders, marked at $1.8. A stop loss has also been placed significantly lower around $1.2 to minimize potential losses.
Featured image from iStock, chart from Tradingview.com
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