Crypto Markets Analysis: As the longer term bitcoin supply increases, the CoinDesk Bitcoin Trend Indicator (BTI) shows a market in uptrend, despite the recent price declines. GWilliamsJr_CMT reports
Long-term bitcoin holders are continuing to add to their bitcoin holdings, despite BTC trading at a slight premium. Meanwhile the CoinDesk Bitcoin Trend Indicator is showing that the asset is in the middle of a significant uptrend.
As these investors are often less likely to spend older coins, an increase in the metric reflects dormant supply, as well as bullish sentiment. The increase also occurs as bitcoin’s Network Value to Transaction value of 57 is 6% higher than its year-to-date average of 53.7. The NVT ratio is calculated by dividing BTC’s market capitalization by its transferred, on-chain volume.
Using a series of moving average crossover windows, the tool broadcasts one of five daily values ranging from “significant downtrend” to “significant uptrend.” BTI indicates that bitcoin is in the middle of a significant uptrend.
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