{"id":308676,"date":"2021-07-26T22:22:03","date_gmt":"2021-07-26T19:22:03","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-hits-40k-after-a-6-week-absence-but-on-chain-activity-is-somewhat-bearish\/"},"modified":"2021-07-26T22:22:03","modified_gmt":"2021-07-26T19:22:03","slug":"bitcoin-hits-40k-after-a-6-week-absence-but-on-chain-activity-is-somewhat-bearish","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-hits-40k-after-a-6-week-absence-but-on-chain-activity-is-somewhat-bearish\/","title":{"rendered":"# Bitcoin hits $40K after a 6-week absence, but on-chain activity is &#8216;somewhat bearish&#8217;"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3831144aaa5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3831144aaa5\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-hits-40k-after-a-6-week-absence-but-on-chain-activity-is-somewhat-bearish\/#BTC_price_daily_gains_near_20\" >BTC price daily gains near 20%<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-hits-40k-after-a-6-week-absence-but-on-chain-activity-is-somewhat-bearish\/#%E2%80%9CQuiet%E2%80%9D_on-chain_activity_may_dampen_bulls\" >&#8220;Quiet&#8221; on-chain activity may dampen bulls<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin hits $40K after a 6-week absence, but on-chain activity is &#8216;somewhat bearish&#8217; <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) touched $40,370 on July 26 as a solid day of gains saw the return of a major price milestone.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/7a757755-6b7a-46d2-8d52-c512165e2df2.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-minute candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"BTC_price_daily_gains_near_20\"><\/span>BTC price daily gains near 20%<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">TradingView<\/a>\u00a0showed BTC\/USD touching $40,400 before consolidating nearby later on Monday.<\/p>\n<p>The pair had held on to previous gains from the night before throughout the day, circling $38,000 before another surge took hold after the Wall St. open.<\/p>\n<p>Amid some understandable excitement from investors who had waited for upside to finally resume, Cointelegraph contributor Micha\u00ebl van de Poppe cautioned on being overly bullish at current levels.<\/p>\n<p>&#8220;Bitcoin still showing strength, although sentiment is getting euphoric again while <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roaching the range resistance,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1419725031874125830\">wrote<\/a> just before $40,000 hit. <\/p>\n<blockquote><p>&#8220;The trend has shifted, as the market has created a higher high. I think we&#8217;re still looking at an HL at $34.5-36K in the coming weeks unless breaking $41K.&#8221;<\/p><\/blockquote>\n<p>That would mark an exit from a long-established trading range which has been in place for over two months.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/e861a117-67f2-4289-ab2b-506284b90764.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD buy and sell positions (Binance). Source: Material Indicators\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>A look at support and resistance levels on major exchange Binance at the time of writing showed relatively little buyer activity above $36,000, with $41,000 still in place for sellers.<\/p>\n<p>Material Indicators, which provides the Binance data, added that moving averages were important to consider when attempting to understand current movements.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Support at the 50 DMA, 200 DMA and 21 WMA are key levels that that failed as <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> dropped from it&#8217;s ATH. Trend Precognition forecasted this uptick and Bulls reclaimed the 50 DMA. Now eyeing overhead liquidity at 40k. If they can take it, expect more resistance at the 200 DMA <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/r131CZWgtv\">pic.twitter.com\/r131CZWgtv<\/a><\/p>\n<p>\u2014 Material Indicators (@MI_Algos) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MI_Algos\/status\/1419730894722588676?ref_src=twsrc%5Etfw\">July 26, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CQuiet%E2%80%9D_on-chain_activity_may_dampen_bulls\"><\/span>&#8220;Quiet&#8221; on-chain activity may dampen bulls<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While Monday&#8217;s gains were impressive, Van de Poppe was not alone in calling for a pragmatic appraisal of the Bitcoin market at large.<\/p>\n<p><strong><em>Related:\u00a0BTC price burns bears en route to $40K: 5 things to watch in Bitcoin this week<\/em><\/strong><\/p>\n<p>In the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/insights.glassnode.com\/the-week-on-chain-week-30-2021\/\">latest edition<\/a> of its weekly <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter, &#8220;The Week On-chain,&#8221; data analytics firm Glassnode likewise highlighted the need for on-chain activity to catch up with price performance in order to sustain the market.<\/p>\n<p>&#8220;Overall, on-chain activity remains somewhat bearish and continues to be quiet,&#8221; analysts wrote. <\/p>\n<blockquote><p>&#8220;Perhaps utilisation of the Bitcoin network is lagging prices in this case. Ideally, renewed volatility and constructive price action sparks back demand for block-space. If not, it may suggest a more cautious framework is necessary in the weeks ahead.&#8221;<\/p><\/blockquote>\n<p>The last time that Bitcoin interacted with the $40,000 mark was during a brief revisit from lower levels in mid June.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-hits-40k-after-a-6-week-absence-but-on-chain-activity-is-somewhat-bearish\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin hits $40K after a 6-week absence, but on-chain activity is &#8216;somewhat bearish&#8217; &#8221; Bitcoin (BTC) touched $40,370 on July 26 as a solid day of gains saw the return of a major price milestone.\u00a0 BTC\/USD 1-minute candle chart (Bitstamp). Source: TradingView BTC price daily gains near 20% Data from Cointelegraph Markets Pro and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":308677,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvNjQyNTY0NjUtNGUzNy00NjUyLThhZTEtZjQ5NjM5ZTMxZWY0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,75150,73785],"class_list":["post-308676","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/308676","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=308676"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/308676\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/308677"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=308676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=308676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=308676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}