{"id":12975,"date":"2023-08-26T11:56:18","date_gmt":"2023-08-26T11:56:18","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=12975"},"modified":"2023-08-26T11:56:20","modified_gmt":"2023-08-26T11:56:20","slug":"bitcoin-velocity-hits-lows-last-seen-before-q4-2020-btc-price-breakout","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12975","title":{"rendered":"Bitcoin velocity hits lows last seen before Q4 2020 BTC price breakout"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) on-chain activity is at levels last seen before its run to 2021 all-time highs, data shows.<\/p>\n<p>In an X (formerly Twitter) post on Aug. 25, Ki Young Ju, CEO of analytics platform CryptoQuant, revealed multiyear lows in Bitcoin velocity.<\/p>\n<h2>Bitcoin supply stagnates at $26,000<\/h2>\n<p>Bitcoin is becoming increasingly static at current price levels \u2014 with an overall BTC price trend absent for months, the impetus to buy or sell is reduced.<\/p>\n<p>Underscoring this status quo is velocity, which is a measurement of BTC units moving around the network. <\/p>\n<p>According to CryptoQuant, on daily timeframes, the metric is now at levels last seen in October 2020.<\/p>\n<p>\u201cThere are two sides to this situation,\u201d Ki commented. <\/p>\n<p>\u201cIt can be seen as positive since whales are holding onto it, or negative since it\u2019s not being transferred to new investors.\u201d<em>Bitcoin velocity chart. Source: CryptoQuant<\/em><\/p>\n<p>Ki referred to a similar absence of major trading activity among high-volume investors \u2014 part of a narrative that states that the market is in \u201cwait and see\u201d mode on BTC.<\/p>\n<p>As Cointelegraph reported, new money entering the space was visible at the beginning of the year, as BTC\/USD began its Q1 winning streak, which ultimately totaled 70%.<\/p>\n<h2>\u201cOversold\u201d RSI signal persists<\/h2>\n<p>The volume data meanwhile appears significant for another reason.<\/p>\n<p><strong><em>Related:\u00a0Wen moon? Bitcoin halving cycle hints at Q4 as smart money &#8216;buys the rumor&#8217;<\/em><\/strong><\/p>\n<p> In late 2020, once it put in a long-term bottom, the metric\u2019s rebound accompanied Bitcoin\u2019s first ascent past $20,000 to new all-time highs a year later.<\/p>\n<p>Unlike then, however, Bitcoin appears broadly oversold at its current $26,000, per its daily relative strength index (RSI) as measured by\u00a0Cointelegraph Markets Pro and TradingView.<\/p>\n<p>As Cointelegraph reported, the 12-hour RSI hit its lowest in five years this month and has yet to recover \u2014 again reflecting a return of investor interest still to materialize.<\/p>\n<p><em>BTC\/USD 1-day chart with RSI. Source: TradingView<\/em><\/p>\n<p><em><strong><em>Collect this article as an NFT<\/em><\/strong><em> to preserve this moment in history and show your support for independent journalism in the crypto space.<\/em><\/em><\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-velocity-lows-q4-2020-btc-price-breakout\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) on-chain activity is at levels last seen before its run to 2021 all-time highs, data shows. In an X (formerly Twitter) post on Aug. 25, Ki Young Ju, CEO of analytics platform CryptoQuant, revealed multiyear lows in Bitcoin velocity. Bitcoin supply stagnates at $26,000 Bitcoin is becoming increasingly static at current price levels [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12976,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12975","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12975"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12975\/revisions"}],"predecessor-version":[{"id":12977,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12975\/revisions\/12977"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12976"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}