Bitcoin (BTC) decreased from $ 87,241 to $ 81,331 between March 28 and March 31, which led to gains from the previous 17 days. The correction of 6.8 % liquidated $ 230 million at the upcoming BTC future positions and largely followed the decrease in momentum in the stock market in the United States, as S&P 500 futures decreased to their lowest levels since March 14.
Despite the struggle to obtain more than $ 82,000 on March 31, four main indicators indicate the strong investor confidence and potential signs of the Bitcoin country from traditional markets in the near future.
S & P 500 Index Futures (left) opposite Bitcoin/USD (right). Source: Tradingvief / CointeleGRAPH
Traders are afraid of the impact of the global trade war on economic growth, especially after March 26 announced a 25 % American tariff on foreign -made vehicles. According to Yahoo News, Goldman SACHS strategies Cut The S&P 500 goal at the end of the year for the second time, which reduced it from 6200 to 5,700. Likewise, Barclays analysts reduced their expectations from 6600 to 5900.
Regardless of the reasons behind the perception of the increasing investors of investors, gold rose to a record number above 3100 dollars on March 31. The origin of $ 21 trillion is widespread in the final hedging, especially when traders give priority to alternatives to cash. Meanwhile, the US dollar was weakened against a foreign currency basket, with the DXY index down to 104.10 out of 107.60 in February.
Bitcoin scales appear strength, while long -term investors are not upset
Bitcoin’s novels are interrogated by being “digital gold” and “unrelated assets”, although 36 % increased over a period of 6 months, while the S&P 500 index decreased by 3.5 % during the same period. Many bitcoin measures continued to show strength, indicating that in the long term investors are still not interested in the temporary relationship because central banks govern the expansion measures to prevent the economic crisis.
The Bitcoin mining, which measures the computing power behind the network’s health verification mechanism, has reached its highest level.
Bitcoin mining rate is estimated at 7 days, th/s. Source: Blockchain.com
The 7 -day retailer reached 856.2 million Terhash per second on March 28, an increase of 798.8 million in February. Thus, there are no signs of panic from mines, as shown in the flow of known entities to exchanges.
In the past, the decline in BTC prices has been associated with FUD periods regarding the “vortex of death”, as miners were forced to sell when they are not profitable. In addition, the average net net transportation of 7 days from miners to stock exchanges on March 30 in BTC 125, according to Glassnode data, is much lower than BTC 450 Mineed per day.
Bitcoin 7 days average net transfer volume from/to miners, btc. Source: Glassnode
Bitcoin Mara Holdings presented a bulletin on March 28 to sell up to two billion dollars to expand BTC reserves and “public companies’ purposes”. This step follows the Gamestop (GME), a video game listed in the United States, which made a 1.3 billion dollar transferred display plan on March 26 with its reserve investment strategy to include possible bitcoin and Stablecoin.
Related to: Trump’s sons return the new bitcoin mining project with Koch 8
Decreased encryption exchange reserves
The coded currency exchange reserves decreased to its lowest levels in more than 6 years on March 30, reaching 2.64 million BTC, according to Glassnode data. The low number of metal currencies available for immediate trading usually indicates that investors tend to keep it, which is especially important with the price of bitcoin by 5.1 % in 7 days.
Finally, net net flows close to scratch in the boxes circulating in Bitcoin exchange (ETFS) indicates between March 27 and March 28 of confidence from institutional investors.
In short, bitcoin investors are still confident because of the high mining fragility, the adoption of companies, and the 6 -year low stock market reserves, which indicate a long -term contract.
This article is intended for general information purposes and does not aim to be and should not be considered legal or investment advice. The opinions, ideas and opinions expressed here are alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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