Bitcoin Market Health Checkup - Is it... Is it Still Alive?

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brianq
Jul 13, 2021

I recently did a quick market health checkup on Ethereum, which you can check out here. Now, as Bitcoin continues to bore people to tears as it ranges between $31k and $36k for the fourth straight week, let's see what our key metrics are saying:



Bullish Signs

% Supply on Exchanges

Bitcoin's supply on exchanges continues declining, which diminishes the risk of another major selloff.

Weighted Social Sentiment (Twitter)

The crowd sentiment toward Bitcoin, which means buying against the crowd can be profitable.




Neutral Signs

MVRV (30-day)

Average 30-day returns (a useful combo timeframe for both short and mid-term trading) are -4.32%, which essentially means average traders are about even.



Bitmex Funding Rate

The perpetual contract funding rate has come back up to even after the excess shorting that had been frequent.




Bearish Signs

NVT

Bitcoin's circulation vs. its market cap has been... awful so far in July. Be careful with a 5th straight month looking like it will end in the red.

BTC
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brianq
Jul 13, 2021

Thanks for reading!

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