The Week On-chain "Seeking Equilibrium" Academy: the Bitcoin market looks increasingly ready to move out of the current equilibrium.

 

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The Week On-chain "Seeking Equilibrium" Academy: the Bitcoin market looks increasingly ready to move out of the current equilibrium.

 

The Glassnode video report provides a weekly analysis update of the trends, performance, and onchain metrics for Bitcoin and the crypto market.

The Week On-Chain Week #22 2023.  With prices tight, and the volatility spring coiled, the Bitcoin market (BTC) looks increasingly ready to move out of the current equilibrium. As Long-Term Holder spending ticks marginally higher, we present a series of on-chain tools to help navigate the volatile road ahead.  

 

Over the last 90-days, Crude Oil (WTI) declined -4.0%, whilst Gold (XAU) and Silver (XAG) have rallied 7.5% and 12.7%, respectively. Bitcoin however, continues to outperform, remaining 14.5% above the February close. BTC performance is weaker than the peak first quarter performance of 72%, but remains the strongest performer amongst these major commodities.

 

The digital asset market continues to outperform major commodities in 2023, however all are currently experiencing a meaningful correction. Having recovered from the depths of the 2022 bear market, Bitcoin investors find themselves in a form of equilibrium, with little gravity in either direction.

Given the extremely low volatility, and narrow trading ranges of late, it seems this equilibrium is soon to be disturbed. In response, we have seen a modest uptick in Long-Term Holder spending, and developed a suite of price levels, and behavior patterns to monitor as the situation unfolds.

Disclaimer: This report does not provide any investment advice. All data is provided for information and educational purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions.
 

🔬 Technical Analysis Toolbox: https://glassno.de/3MPzgRv 📟 Spotting Cycle Tops and Bottoms Dashboard: https://glassno.de/cycleextreme 🐻 Recovering From a Bitcoin Bear Dashboard: https://glassno.de/recoveringbear ♟️ Mastering MVRV Dashboard: https://glassno.de/3IRQB9k 🏦 Exchanges Dashboard: https://glassno.de/3RimWJY 💸 Realized Profit Loss Dashboard: https://glassno.de/3H6c8dz 💵 Pricing Models Dashboard: https://glassno.de/3J9hVkW 🌊 HODL Wave Dynamics: https://glassno.de/3xzSmTn 📈 Bitcoin Price Performance Dashboard: https://glassno.de/3UwBRCf 🦐 Shrimp Supply Sink Report: https://glassno.de/41hmhgp 

 

With prices tight, and the volatility spring coiled, the Bitcoin market looks increasingly ready to move out of the current equilibrium. As Long-Term Holder spending ticks marginally higher, we present a series of on-chain tools to help navigate the volatile road ahead. 📰 Written Report: https://glassno.de/45wrTG5 

 

🪟 Live Dashboard: https://glassno.de/3oBS4ui 💬 Forum Market Pulses: https://glassno.de/3D0uqfC 🗜️ Visit Workbench Pre-sets: https://glassno.de/3e7ngMv Topics for Discussion: - Comparative performance between Bitcoin and commodities. - Analysing the continuing compression of volatility. - Establishing equilibrium price levels to bound the problem. - Analysis of Long-term holder market cycles for a roadmap. Getting Started with Glassnode: 📈 Navigating Tops and Bottoms: https://glassno.de/3OpgSgA ⛓️ On-chain Activity: https://glassno.de/3xXM13Q ⛏️ Mining Fundamentals: https://glassno.de/3nnfL5m 🪙 Supply Dynamics: https://glassno.de/3NyhPlK 🕰️ Introduction to Lifespan: https://glassno.de/3ehCmzn 💸 Realized and Unrealized Value: https://glassno.de/3ExnCa1 👴 Long and Short-Term Holders: https://glassno.de/3QLUzCt 

 

Timestamps 0:00 Introduction 2:08 BTC vs Commodities 5:00 Realized Volatility Bands 6:09 Exchange Activity Ratio 9:08 NUPL 12:08 Key Realized Price Levels to Watch 15:37 Technical Analysis Levels 17:18 Short-Term Holder Profit/Loss Ratio 18:50 Long-Term Holder Deep Dive 24:06 Summary and Conclusions Follow us and reach out on Twitter 🐦: https://twitter.com/glassnode Join our Telegram channel: https://t.me/glassnode For on-chain metrics and charts, visit Glassnode Studio: https://glassno.de/3oRNXaf Join the discussion on Glassnode Forum: https://glassno.de/3y1lCl5.

The Week On-chain: Seeking Equilibrium - Week 22, 2023, https://youtu.be/CUCcgdZtU54.