{"id":13651,"date":"2025-02-18T11:17:03","date_gmt":"2025-02-18T11:17:03","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=13651"},"modified":"2025-02-18T11:17:03","modified_gmt":"2025-02-18T11:17:03","slug":"is-bitcoin-topping-out-this-onchain-metric-points-to-worrying-weakness","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=13651","title":{"rendered":"Is Bitcoin Topping Out? This Onchain Metric Points to Worrying Weakness"},"content":{"rendered":"<div>\n<p>Bitcoin price may be topping out, looking at on-chain data. There are now more speculators than HODLers. Will BTC price hold above $90,000?<\/p>\n<p><span data-preserver-spaces=\"true\">The Bitcoin <\/p>\n<style>\n    .cwp-coin-chart svg path {\n        stroke-width: 0.65 !important;\n    }<\/p>\n<\/style>\n<p>    <span class=\"cwp-coin-widget-container\" data-id=\"btc-bitcoin\" id=\"coin_widget_id_67b46b49495b6\"><\/p>\n<p>        <!-- name of the coin in the text --><br \/>\n        <span class=\"cwp-coin-widget-wrapper\" data-id=\"btc-bitcoin\"><br \/>\n            <span class=\"cwp-coin-widget-holder \" style=\"background:#e6eaed;\"><br \/>\n                <span class=\"cwp-coin-name\" data-id=\"btc-bitcoin\"><br \/>\n                    <span class=\"cwp-coin-icon \"><\/span><br \/>\n                    <span class=\"cwp-coin-label \"><\/span><br \/>\n                    <span class=\"cwp-coin-symbol hidden\"><\/span><\/p>\n<p>                    <span class=\"cwp-coin-trend-holder\"><br \/>\n                        <span class=\"cwp-coin-price hidden\"><\/span><br \/>\n                    <\/span><br \/>\n                    <span class=\"cwp-coin-trend-holder\"><br \/>\n                        <span class=\"cwp-coin-trend \"><\/span><br \/>\n                    <\/span><\/p>\n<p>                <\/span><br \/>\n            <\/span><br \/>\n        <\/span><\/p>\n<p>        <!-- popup with basic info about the coin --><br \/>\n        <span class=\"cwp-coin-popup-wrapper \" data-id=\"btc-bitcoin\" style=\"\"><br \/>\n            <span class=\"cwp-coin-popup-holder\"><br \/>\n                <span class=\"cwp-coin-name\"><br \/>\n                    <span class=\"cwp-coin-icon\"><\/span><br \/>\n                    <span class=\"cwp-coin-popup-name\"><\/span><br \/>\n                    <span class=\"cwp-coin-popup-symbol\"><\/span><br \/>\n                <\/span><br \/>\n                <span class=\"cwp-coin-price\"><br \/>\n                    <span class=\"cwp-coin-price-title\">Price<\/span><br \/>\n                    <span class=\"cwp-coin-price-holder\"><br \/>\n                        <span class=\"cwp-coin-price-value\"><\/span><br \/>\n                        <span class=\"cwp-coin-trend-holder\"><br \/>\n                            <span class=\"cwp-coin-trend\"><\/span><br \/>\n                        <\/span><br \/>\n                    <\/span><br \/>\n                <\/span><br \/>\n                <span class=\"cwp-coin-volume\"><br \/>\n                    <span class=\"cwp-coin-price-holder\"><br \/>\n                        <span class=\"cwp-coin-volume-title\">Volume in 24h<\/span><\/p>\n<p>                    <\/span><br \/>\n                    <span class=\"cwp-coin-volume-value\"><\/span><br \/>\n                    <!-- <span class=\"cwp-coin-trend-holder\">\n                        <span class=\"cwp-coin-trend\">?<\/span> \n                    <\/span>                     --><br \/>\n                <\/span><br \/>\n                <span class=\"cwp-coin-chart\"><br \/>\n                    <span class=\"cwp-graph-title\">Price 7d<\/span><br \/>\n                    <span class=\"cwp-graph-container\"><\/span><br \/>\n                <\/span><\/p>\n<p>            <\/span>           <\/p>\n<p>        <\/span><br \/>\n    <\/span><\/p>\n<p> rally might be <\/span><span data-preserver-spaces=\"true\">coming to an end<\/span><span data-preserver-spaces=\"true\">, according to the latest Glassnode data. At press time, the world\u2019s most valuable coin is trading at around $95,500, stable in the past 24 hours, pushing the global crypto market cap to $3.2 trillion, down 3.3% in 24 hours.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While there is hope that bulls will ward off determined sellers and successfully defend <\/span><span data-preserver-spaces=\"true\">support<\/span><span data-preserver-spaces=\"true\"> at around the $94,000 to $95,000 zone, the series of lower lows in the past two weeks remains a concern. From the BTCUSDT chart, the coin is down 13% from all-time highs <\/span><span data-preserver-spaces=\"true\">and consolidates<\/span><span data-preserver-spaces=\"true\">, moving sideways as the uptrend loses momentum.<\/span><\/p>\n<div class=\"chart crypto-chart-instance\" id=\"crypto_chart_67b46b494960e\" data-coin-id=\"btc-bitcoin\">\n<div class=\"chart__header\">\n<div class=\"chart__info\">\n<div class=\"chart__info-icon\">\n                <img id=\"crypto_chart_67b46b494960e-chart__info-icon-img\">\n            <\/div>\n<div class=\"chart__info-name\" id=\"crypto_chart_67b46b494960e-chart__info-name\">&#8211;<\/div>\n<div class=\"chart__info-label\">Price<\/div>\n<div class=\"chart__info-label\">Market Cap<\/div>\n<div class=\"chart__info-value\" id=\"crypto_chart_67b46b494960e-chart__info-symbol\">&#8211;<\/div>\n<div class=\"chart__info-value\" id=\"crypto_chart_67b46b494960e-chart__info-price\">&#8211;<\/div>\n<div class=\"chart__info-value\" id=\"crypto_chart_67b46b494960e-chart__info-marketcap\">&#8211;<\/div>\n<\/p><\/div>\n<div class=\"chart__controls\">\n<div class=\"chart__controls-group\">\n                <button class=\"chart__button chart__button--24h\" id=\"crypto_chart_67b46b494960e-btn-24h\">24h<\/button><br \/>\n                <button class=\"chart__button chart__button--7d\" id=\"crypto_chart_67b46b494960e-btn-7d\">7d<\/button><br \/>\n                <button class=\"chart__button chart__button--30d\" id=\"crypto_chart_67b46b494960e-btn-30d\">30d<\/button><br \/>\n                <button class=\"chart__button chart__button--1y\" id=\"crypto_chart_67b46b494960e-btn-1y\">1y<\/button><br \/>\n                <button class=\"chart__button chart__button--all-time\" id=\"crypto_chart_67b46b494960e-btn-all-time\">All Time<\/button>\n            <\/div>\n<div class=\"chart__controls-group\">\n                <button class=\"chart__button chart__button--logarithmic\" id=\"crypto_chart_67b46b494960e-btn-log\">Log<\/button>\n            <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"chart__container\">\n        <canvas class=\"chart__canvas\" id=\"crypto_chart_67b46b494960e-cryptoChart\"><\/canvas>\n    <\/div>\n<\/div>\n<p><span data-preserver-spaces=\"true\">Currently, Bitcoin is stable, moving inside last week\u2019s <\/span><span data-preserver-spaces=\"true\">range,<\/span><span data-preserver-spaces=\"true\"> finding resistance at $100,000. Although there is no dismissing the possibility of buyers driving the coin above this psychological round number, onchain data suggests otherwise.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">BTC Price Analysis: Is Bitcoin Price On Its Last Legs?<\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full\" src=\"https:\/\/www.tradingview.com\/x\/54pQsa64\/\" width=\"1499\" height=\"859\"><\/p>\n<p>(<a class=\"general-link\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT<\/a>)<\/p>\n<p><span data-preserver-spaces=\"true\">There are signs of exhaustion, Glassnode analysts say. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a post on X yesterday, Glassnode pointed to the Bitcoin Realized HODL Ratio (RHODL) chart. RHODL is used to gauge the balance between mid-cycle holders, or those who have held the coin for <\/span><span data-preserver-spaces=\"true\">between<\/span><span data-preserver-spaces=\"true\"> 6 and 24 months, against new entrants, that is, addresses who have held the coin for less than three months.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">#Bitcoin<\/a>&#8216;s RHODL Ratio helps identify cycle inflection points by comparing mid-cycle holders (6m-2y) to new entrants (1d-3m). A high ratio often happens near market bottoms. A low ratio signals excessive short-term speculation, often aligning with market tops. <a href=\"https:\/\/t.co\/59SXdyAYWG\" target=\"_blank\" rel=\"nofollow\">pic.twitter.com\/59SXdyAYWG<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1891512111190212863?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">February 17, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Historically, whenever the RHODL ratio is high, it tends to signal market bottoms. Meanwhile, when it is low, there are more short-term holders than diamond hands, signaling the possibility of the market heating up due to high speculation.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It appears that more traders are punting, looking to flip the market for quick gains.<\/span><span data-preserver-spaces=\"true\"> The RHODL ratio has been declining and is presently at levels analysts think mark the last stage of bull runs. Although it is not at absolute lows, a dropping RHODL ratio means investors are not keen on holding but rather speculate on prices.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">If this ratio continues to fall and then rebounds strongly, it may point to the entry of confident traders willing to HODL the market. <\/span><span data-preserver-spaces=\"true\">In that event, prices may print above $100,000 and<\/span><span data-preserver-spaces=\"true\">\u00a0race to as high as $110,000 in a buy trend continuation formation.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">BTC Finds <\/span><span data-preserver-spaces=\"true\">Support<\/span><span data-preserver-spaces=\"true\"> at $90,000 and $95,000<\/span><\/h2>\n<p>Traders will, therefore, be watching the $94,000 to $95,000 zone, checking whether it will support bulls.<\/p>\n<p><span data-preserver-spaces=\"true\">From the adjusted Market Value to Realized Value (MVRV) Z-Score, Glassnode places the local <\/span><span data-preserver-spaces=\"true\">support<\/span><span data-preserver-spaces=\"true\"> at $96,300. <\/span><span data-preserver-spaces=\"true\">This level was comprehensively broken<\/span><span data-preserver-spaces=\"true\"> yesterday. In their assessment, this breach may open the door for sellers to <\/span><span data-preserver-spaces=\"true\">enter<\/span><span data-preserver-spaces=\"true\">, pushing prices to $80,000.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">#Bitcoin<\/a>&#8216;s adjusted MVRV Z-Score can be used to approximate areas of critical price support. So far price has held near the mean level of $96.3K. If prices break lower, the next major line of defense for bulls may be found at -1.5\u03c3 level ($80.1K): <a href=\"https:\/\/t.co\/jwSxMmYW4i\" target=\"_blank\" rel=\"nofollow\">https:\/\/t.co\/jwSxMmYW4i<\/a> <a href=\"https:\/\/t.co\/fXLOrWjhw1\" target=\"_blank\" rel=\"nofollow\">pic.twitter.com\/fXLOrWjhw1<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1891438549506908518?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">February 17, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Further analysis of the UTXO Realized Price Distribution (URPD) volume profile <\/span><a class=\"general-link\" href=\"https:\/\/x.com\/glassnode\/status\/1891438554590449780\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">reveals<\/span><\/a><span data-preserver-spaces=\"true\"> that Bitcoin has a liquidity gap beneath $96,300. For this reason, the zone between $71,000 and $92,000 is sensitive and could easily break should prices drop.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Even so, parallel data shows <\/span><span data-preserver-spaces=\"true\">sellers<\/span><span data-preserver-spaces=\"true\"> must break below $92,200, the short-term holder (STH) cost basis level. A level lower, there is the psychological <\/span><span data-preserver-spaces=\"true\">support<\/span><span data-preserver-spaces=\"true\"> at $90,000, <\/span><span data-preserver-spaces=\"true\">which<\/span> <span data-preserver-spaces=\"true\">was retested<\/span><span data-preserver-spaces=\"true\"> in early February 2025.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Furthermore, fundamentals support Bitcoin and other safe havens. Rising inflation in the United States, <a class=\"general-link\" title=\"Here\u2019s Why Donald Trump Had to Launch His Meme Coin Before Taking Office\" href=\"https:\/\/99bitcoins.com\/news\/heres-why-donald-trump-had-to-launch-his-meme-coin-before-taking-office\/\" rel=\"\">Donald Trump<\/a> calling for lower interest rates, and the possibility of the crypto task force led by David Sacks approving the creation of the first national Bitcoin reserve may help catalyze demand.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-206207\" src=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-18T094858.123.png\" alt=\"\" width=\"1815\" height=\"772\" srcset=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-18T094858.123.png 1815w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-18T094858.123-300x128.png 300w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-18T094858.123-1024x436.png 1024w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-18T094858.123-768x327.png 768w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-18T094858.123-1536x653.png 1536w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-18T094858.123-50x21.png 50w\" sizes=\"auto, (max-width: 1815px) 100vw, 1815px\"><\/p>\n<p>(<a class=\"general-link\" href=\"https:\/\/sosovalue.com\/assets\/etf\/us-btc-spot\" target=\"_blank\" rel=\"noopener nofollow\">Source<\/a>)<\/p>\n<p><span data-preserver-spaces=\"true\">As of February 17, institutions <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/sosovalue.com\/assets\/etf\/us-btc-spot\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">held<\/span><\/a><span data-preserver-spaces=\"true\"> over $114 billion worth of BTC <\/span><span data-preserver-spaces=\"true\">via spot Bitcoin ETFs. On February 14, they bought over $66 million of BTC-backed shares.<\/span><\/p>\n<p><strong>DISCOVER:<\/strong> <a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/news\/pr-news\/what-is-wall-street-pepe-new-meme-coin-wepe-smashes-50m-mcap-on-launch\/\" target=\"_blank\" rel=\"noopener\">What is Wall Street Pepe? New Meme Coin WEPE Smashes $50M MCap On Launch<\/a><\/p>\n<p><strong><a class=\"general-link\" href=\"https:\/\/discord.gg\/B7Uk6agkqj\" target=\"_blank\" rel=\"noopener nofollow\">Join The 99Bitcoins News Discord Here For The Latest Market Updates<\/a><\/strong><\/p>\n<div class=\"nnbtc-key-takeaways\">\n<h3 class=\"nnbtc-key-takeaways__title\">Bitcoin Uptrend Shaky: Details<\/h3>\n<ul class=\"nnbtc-key-takeaways__list\">\n<li class=\"nnbtc-key-takeaways__list-item\">\n         Bitcoin is trading below $100,000     <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n         Glassnode analysts say there are more speculators than long-term holders     <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n         Will BTC bulls reject any attempt to push prices below $90,000?     <\/li>\n<\/ul><\/div>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/is-bitcoin-topping-out-this-onchain-metric-points-to-worrying-weakness\/\">Is Bitcoin Topping Out? This Onchain Metric Points to Worrying Weakness<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price may be topping out, looking at on-chain data. There are now more speculators than HODLers. Will BTC price hold above $90,000? The Bitcoin Price Volume in 24h Price 7d rally might be coming to an end, according to the latest Glassnode data. At press time, the world\u2019s most valuable coin is trading at [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-13651","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/13651","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13651"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/13651\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}