Weekly Bitcoin Charts Overview (2022.06.24)

"On-chain indicators signals that the current $BTC price is undervalued"


On-chain indicators signal that the current $BTC price is undervalued
If you're long-term investors who can hold Bitcoin for over a year, these indicators based on basic network/UTXO/miner stats might be helpful.

Most Bitcoin cyclic indicators are saying we're close to the bottom. The current market has a significant unrealized loss as you can see from NUPL, MVRV Ratio, Realized Cap-UTXO Age Bands (%), SOPR Ratio, and Puell Multiple.

On the other hand, there's a spike in the MPI, meaning miners are distributing more than their daily distribution in the moving average of the past 365 days. That's because Bitcoin miners' profits are squeezed as revenue has fallen to the lowest level since October 2020, while costs (mining difficulty) are still high. Miners have increasingly sent their bitcoin to exchanges to sell, which might indicate some miners' revenue can't meet the break-even point.

However, our data demonstrate a miner capitulation event that has occurred, which has typically preceded market bottoms in previous cycles. 

ByBit USDT
#ZEC/USDT All take-profit targets achieved 😎
Profit: 92.2717% 📈
Period: 1 Days 0 Hours 31 Minutes ⏰

ByBit USDT
#VET/USDT All take-profit targets achieved 😎
Profit: 120.4255% 📈
Period: 2 Days 21 Hours 50 Minutes ⏰

Binance Futures, ByBit USDT
#DOT/USDT Cancelled ❌
Target achieved before entering the entry zone

Binance Futures
#AUDIO/USDT Entered entry zone ✅
Period: 5 Hours 3 Minutes ⏰

Binance Futures
#AUDIO/USDT Take-Profit target 1 ✅
Profit: 30.303% 📈
Period: 5 Hours 8 Minutes ⏰

Binance Futures
#AUDIO/USDT Take-Profit target 2 ✅
Profit: 35.3535% 📈
Period: 5 Hours 9 Minutes ⏰

Binance Futures
#AUDIO/USDT Take-Profit target 3 ✅
Profit: 43.771% 📈
Period: 5 Hours 44 Minutes ⏰

Binance Futures
#AUDIO/USDT Take-Profit target 4 ✅
Profit: 53.0303% 📈
Period: 6 Hours 36 Minutes ⏰

ByBit USDT
#DODO/USDT All take-profit targets achieved 😎
Profit: 92.8085% 📈
Period: 1 Days 1 Hours 25 Minutes ⏰

ByBit USDT, Binance Futures
#ONE/USDT All take-profit targets achieved 😎
Profit: 94.3983% 📈
Period: 12 Hours 53 Minutes ⏰

Binance Futures
#NEO/USDT All take-profit targets achieved 😎
Profit: 86.8974% 📈
Period: 2 Days 3 Hours 17 Minutes ⏰

Binance Futures, ByBit USDT
#ONT/USDT All take-profit targets achieved 😎
Profit: 119.2891% 📈
Period: 2 Days 23 Hours 9 Minutes ⏰

ByBit USDT, Binance Futures
#ZEC/USDT All take-profit targets achieved 😎
Profit: 123.2128% 📈
Period: 1 Days 21 Hours 11 Minutes ⏰

Binance Futures
#HNT/USDT All take-profit targets achieved 😎
Profit: 92.2597% 📈
Period: 13 Hours 31 Minutes ⏰

Binance Futures
#CTK/USDT All take-profit targets achieved 😎
Profit: 119.1999% 📈
Period: 2 Days 23 Hours 17 Minutes ⏰

ByBit USDT, Binance Futures
#HOT/USDT All take-profit targets achieved 😎
Profit: 127.7907% 📈
Period: 2 Days 16 Hours 43 Minutes ⏰

ByBit USDT, Binance Futures
#AAVE/USDT All take-profit targets achieved 😎
Profit: 92.2486% 📈
Period: 11 Hours 4 Minutes ⏰

Binance Futures, ByBit USDT
#SAND/USDT All take-profit targets achieved 😎
Profit: 92.1416% 📈
Period: 14 Hours 52 Minutes ⏰

ByBit USDT, Binance Futures
#SRM/USDT All take-profit targets achieved 😎
Profit: 82.8667% 📈
Period: 3 Days 2 Hours 15 Minutes ⏰