Bitcoin (BTC) hovers at the "decision point", and on chain indicators indicate the next step of action

According to analysis company Glassnode, Bitcoin (BTC) is currently at a critical juncture and its next steps may be foreshadowed by on chain indicators.Glassnode stated that it is paying attention to the short-term holder market value and realized value (MVRV) indicators of BTC

According to analysis company Glassnode, Bitcoin (BTC) is currently at a critical juncture and its next steps may be foreshadowed by on chain indicators.

Glassnode stated that it is paying attention to the short-term holder market value and realized value (MVRV) indicators of BTC.

This indicator aims to measure the unrealized profits or losses of Bitcoin holders who have purchased BTC stacks within the past 155 days. According to Glassnode, Bitcoin is at a critical "decision point" as the indicator hovers at a level indicating short-term BTC holders' balance of payments.

The market is still at a decision point as Bitcoin spot prices continue to fluctuate hesitantly around the short-term holder cost base.

Retesting the cost base and a strong rebound will indicate a significant strength in the current trend, while a decisive break indicates a weak market

When studying Bitcoin network in depth, Glassnode said that the number of BTC transaction costs related to on chain transaction activities is experiencing a surge in the U.S. Securities and Exchange Commission (SEC) charges against Binance and Coinbase.

The surge in total transaction fees on the BTC exchange indicates that holders are moving Bitcoin in and out of the exchange at a faster rate than usual.

"After the U.S. Securities and Exchange Commission filed charges against Binance and Coinbase, the total transaction cost of the exchange is experiencing the third wave of cost pressure increase, rising to 15.6BTC in total.

  • FTX implosion: 12.3BTC
  • Inscription Fever: 41BTC
  • Binance and SEC regulations: 15.6BTC "

At the time of writing, the trading price of Bitcoin was $25937, a decrease of 4.4% over the past seven days.

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