Glassnode, a huge analytical firm, has recently revealed data in which it indicated that the Bitcoin price is moving towards the bullish territory. Even though there is a bullish movement ahead for Bitcoin, the decline in on-chain fundamentals leaves Bitcoin quite unstable. Not only unstable, but it has also been seen that Bitcoin might be in a completely unsustainable position very soon.
Glassnode indicates this movement for first time in three months
Bitcoin was in a bear market since the market crash of mid-March and now it is moving out of it as the price is increasing impressively. According to the data produced by Glassnode it has been seen that this is the first time in the past three months that Bitcoin will enter the bullish territory. Along with the complete bullish outlook it has also been mentioned that if Bitcoin is unable to maintain this then it might very soon go back to the transitional zone. John Bollinger, one of the most prominent crypto traders has stated all the crypto users to be cautious about the price of Bitcoin as the price of Bitcoin dropped by 10 percent on June 02.
Bitcoin ecosystem getting smaller
The data indicates that there are very less active Bitcoin users on the network and due to this the ecosystem is getting smaller. Over the last week, there was an increase in market sentiments upto four points. However, the GNI index has now dropped down to 56 points and market sentiments don’t seem to have any effect on the GNI index. Many of the major crypto exchanges balances are shrinking as a lot of investors are waiting for a possible bull run. There are several predictions regarding the price of Bitcoin and the majority of people are looking towards a bullish aspect. Mike McGlone, Bloomberg’s expert is also predicting an increase in Bitcoin price in the future.
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