• Has Bitcoin now broken above its 2-year moving average?

  • Github activity is trending upward; open issues continue to decrease.

  • Is Bitcoin price starting a new bull run now?

Has Bitcoin now broken above its 2-year moving average?

2-year MA multiples as a long-term investment tool for Bitcoin. He identifies buying and selling periods that can generate high returns. He uses a 2-year moving average (MA) and five times that MA. The x5 refers to the price value, not the period. Buying below the 2-year MA (green) and selling above 5 times (red) has shown historically high returns.

In the past, when Bitcoin has broken above the 2-year MA, the price has surged. Since Bitcoin is not far from breaking above the 2-year MA, another bull run could ensue.

MVRV ratio returns to positive territory

Unlike the case with market cap, which multiplies the last traded price by the tokens in circulation, realized cap approximates the value paid for all tokens in existence. This is done by adding the market value of the token when it last moved on the blockchain. MVRV is simply the ratio between these two values, which is H. MVRV = Market Cap / Realized Cap. It is very useful for understanding when an exchange is trading below "fair value" and is also very useful for spotting market tops and bottoms.

Currently, the MVRV ratio is back to positive after being negative for more than a year. Therefore, according to this indicator, the Bitcoin price is currently above "fair value". When BTC was last in a positive MVRV ratio, the price subsequently rose to around $69,000, followed by a bearish trend.

The number of addresses holding one or more Bitcoins is increasing rapidly

The number of addresses holding at least one Bitcoin on the network has increased significantly since February. Bitcoin has been accumulating in large quantities since the beginning of the year.

Telegram sentiment even shows that the proportion of positive news is almost 7 times higher

Telegram had almost seven times as many positive messages as negative ones. There were about 5,650 positive messages compared to 845 negative ones.

Github commits trend up; open issues continue to decline

Github is a platform for the Bitcoin community to discuss new features and code improvements, submit suggestions, and implement code changes. These changes are submitted to the code repository on Github. Typically, these submissions must go through a review process to ensure that they meet Bitcoin's high standards before they can be included in the main code version.

There is a clear upward trend in Github commits, indicating that Bitcoin is growing. But it is particularly noteworthy that Open Issues has dropped significantly since July 2022. This shows that a large number of issues have been resolved, which is a positive sign.

Bitcoin is very well distributed — whales don’t dominate

Only one address owns more than 1% of the total Bitcoin supply. There are also relatively few addresses that own more than 0.1% of the stock. According to IntoTheBlock, only 40 addresses hold more than 0.1% of the total Bitcoin supply. These account for about 9.5% of the Bitcoin supply. The vast majority of Bitcoin is held by retail investors, accounting for about 89%.

The number of active addresses increased again

The number of daily active addresses has also increased again, increasing by about 6% in the past 7 days. Similarly, the number of addresses with no BTC balance has increased by about 8.7% during this period.

BTC addresses are also increasing

The number of Bitcoin addresses is on a steady upward trend. There are currently about 47 million Bitcoin addresses (with BTC balances).

The net flow of the exchange in the past 7 days is negative

The price of Bitcoin has risen significantly over the past seven days. At the same time, 5,560 more BTC were withdrawn from exchanges than were deposited. This is a positive sign as these are unlikely to be used for sales or trades, which would reduce the supply on exchanges.

There is a deposit surplus in the last 24 hours and 30 days. In the last 24 hours, 1,260 BTC was deposited more than withdrawn, and the deposit surplus in the last 30 days is about 2,730 BTC.

Currently, more than 75% of Bitcoin addresses are online

Currently, about 76% of Bitcoin addresses are in the positive zone. Therefore, most people can sell at a profit at the current market price. Despite this, many people choose to transfer Bitcoin away from exchanges, which is a very optimistic sign.

Even at cycle lows around $15,500, nearly half of all Bitcoin addresses were in positive territory

It is noteworthy that even at the lowest point of the cycle, when the BTC price was around $15,500, almost half of the Bitcoin addresses were still rising. Since then, of course, profitable addresses have experienced a strong rise again. Considering that the BTC price has risen sharply in the past few months and is currently around $30,500, this is not surprising.

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