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BTC, ETH Price Set For Next Bullish Wave?: On-Chain Data Shows

Going by the on chain data, are the local bottoms for Bitcoin (BTC) and Ethereum (ETH) price set to arrive soon?
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BTC, ETH Price Set For Next Bullish Wave?: On-Chain Data Shows

In what could be a sign of the crypto market reaching the local bottom for Bitcoin (BTC) and Ethereum (ETH), the Net Unrealized Profit or Loss (NUPL) metric for the top two cryptocurrencies is showing a historical trend. In terms of trader sentiment, the euphoria around the spot Bitcoin ETF filings is starting to fade out, reflecting the same in the asset prices.

Also Read: DeFi Today: Uniswap Dominance, DYDX Rise And DeFi TVL At 2.5 Year Lows

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On-Chain Data Shows Dip In Bitcoin Relative Unrealized Profit

According to latest dat from Glassnode, the BTC Relative Unrealized Profit has reached a five month low of 0.402 at the current price level. This means more and more traders are making losses and this is often a sign that the asset price is nearing the bottom. The current BTC price level still represents a significant improvement from the beginning of the year 2023, when the top cryptocurrency was trading at below $20,000.

Similarly, the number of addresses in profit based on 7 day moving average is at a 5-month low, reflecting signs of ETH price nearing the bottom. Earlier, CoinGape reported that the range between $1700 and $1577 is crucial for the next break or make move. A breakout from the $1700 range could likely result in a bullish move for Ethereum price.

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What Next For BTC Price Moves?

While the crypto market has recently been subjected to a prolonged sideways movement in Bitcoin price around the $30,000 level, it was going hand in hand with the spot Bitcoin ETF filing related developments. In the first week of September 2023, the U.S. Securities and Exchange Commission (SEC) is scheduled to deliver updates on several spot ETF filings including from Blackrock. However, it could most likely be the case that the SEC officials will pass off the first deadlines without much progress.

Also Read: Donald Trump’s Surprise Return to X Fuels Surge in Trump NFT Sales

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Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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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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