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Bitcoin Price Bearish? On-Chain Data Indicates It’s Time To Sell

On-chain data paints a bearish picture of Bitcoin price. Historical data suggest is may be time to sell BTC.
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Bitcoin Price Bearish? On-Chain Data Indicates It’s Time To Sell

Bitcoin price briefly fell below $26096, the key 200-WMA level, at 7 PM UTC on Friday. The BTC price quickly rebounded and hit a 24-hour high of $26,989.

However, on-chain data indicates a bearish outlook on BTC price and it’s probably time to book some profits.

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Bitcoin Price Reaches Late 2021 Level

On-chain metric Puell Multiple reached over the late 2021 level when Bitcoin started falling from an all-time high.

According to CryptoQuant, Puell Multiple is the “ratio of the daily value of the issued coin in USD divided by 365 days moving average of the daily value of issued coins in USD.” It gives clear buy and sell signals after logarithmized. Typically, values above 6 indicate a possible top and values below 0.4 indicate a possible bottom.

Analyst suggests that with every Bitcoin halving, the top for Puell Multiple is lower. It was 9 in 2013, 7 in 2017, and 3.5 in 2021. Thus, Puell Multiple hitting almost 2.0 on May 8 could be another confirmation that BTC price has likely reached near peak and may fall ahead. Currently, the Puell Multiple value is at 1.30.

Bitcoin Puell Multiple. Source: CryptoQuant

Also Read: Binance Could Be In Trouble Amid Recent Actions —Bloomberg

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BTC Price Turning Weaker

BTC prices started falling due to several factors such as macro, wrong report on BTC selloff by the U.S. government, and high Bitcoin transaction fees. If Bitcoin fell below the 200-WMA level again, the price will fall.

CoinGape Media earlier reported that Bitcoin price could fall to $24,800. Thus, the price needs to close above the key 200-WMA level this week to remain bullish.

BTC price jumped 2% in the last 24 hours, with the price currently trading at $26,822. The 24-hour low and high are $25,878 and $26,989, respectively. Furthermore, the trading volume has increased slightly in the last 24 hours.

Also Read: Ethereum Clients Release Crucial Updates As Blockchain Suffers Two Outages in 24hrs

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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