{"id":22173,"date":"2022-12-09T07:29:32","date_gmt":"2022-12-09T07:29:32","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/12\/09\/on-chain-data-for-bitcoin-reveals-btcs-bottom-occurance\/"},"modified":"2022-12-09T07:29:32","modified_gmt":"2022-12-09T07:29:32","slug":"on-chain-data-for-bitcoin-reveals-btcs-bottom-occurance","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/12\/09\/on-chain-data-for-bitcoin-reveals-btcs-bottom-occurance\/","title":{"rendered":"On-Chain Data For Bitcoin Reveals BTC\u2019s Bottom Occurance\u00a0"},"content":{"rendered":"

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A bottoming process may be nearing its conclusion, according to the on-chain analysis of the BTC price. <\/span>Following a chaotic November for Bitcoin, some on-chain figures and price measures indicate that BTC\u2019s bottom may arrive in December.\u00a0<\/span><\/p>\n

The most recent report from Capriole Investments offers research on Bitcoin reaching its bottom. Charles Edwards claims that the SLRV Ribbons outperform the BTC HODL approach, making it a reliable predictor of the future direction of the BTC price.<\/span><\/p>\n

Reasons Stated For BTC Moving Closer To The Bottom Cycle<\/b><\/span><\/h2>\n

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The latest increase to $16,600 turned the SLRV Ribbons, which had been dismal during\u00a0<\/span>2022, into a strong signal. Edwards contends that the adjustment generates a buy signal for institutional investors and funds that are still active in the market, supporting a strong case for the floor of Bitcoin\u2019s price.\u00a0<\/span>The Price Of BTC Is Lower Than Its Global Electrical Cost\u00a0<\/span><\/p>\n

As the electrical price simply takes into account the raw electricity used to mine BTC, the entire production cost of bitcoin miners includes capital costs, mining<\/a> hardware, operational costs, variable outlay power deals, and other elements. Only four times in the past has Bitcoin traded below its electrical cost, most recently on November 10 when it reached $16,925.<\/span><\/p>\n

Selling of Bitcoin miners peaks.\u00a0 With manufacturing costs higher than the Bitcoin spot price, miners continue to lose money. Due to this paradox, miners must sell Bitcoin in order to survive.<\/span><\/p>\n

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Another miner\u2019s surrender is confirmed by Bitcoin<\/a> Hash Ribbons. When bitcoin miners capitulate, they turn their ASICs off that are no more economically viable and sell some of their reserves of bitcoin to pay bills. Hodling is at all-time highs despite a historically large price decline The NUPL tracker is one indicator used to assess the behavior of Bitcoin hodlers. Only four times in Bitcoin\u2019s history has the NUPL measure displayed such a significant down.<\/span><\/p>\n<\/div>\n