Bitcoin's price recently plummeted below $80,000, marking a significant drop. This decline reflects broader market challenges with limited signs of immediate recovery. Analysis of UTXO Realized Price Age Distribution reveals shifting investor behavior. Historically, 1-3 month realized price levels acted as support, but these have now fallen below typical thresholds. The next potential support lies in the 3-6 month range, around $75,875. Meanwhile, the Bitcoin Network Value to Transactions (NVT) Golden Cross metric indicates oversold conditions. The NVT value is currently below -2.4, historically associated with market bottoms. A rebound from this oversold zone might encounter resistance at the 111-day moving average, around $96,895. This analysis provides insights into potential support and resistance levels during the current downturn. The overall market situation remains uncertain, but these indicators offer a framework for investors.

Bitcoin's price experienced volatility, starting the week below $115,000 but briefly reaching $118,000. The price has since retreated, currently hovering around its initial weekly level. Positive on-chain data suggests a potential for future price increases. CryptoQuant analyst CryptoOnchain noted a surge in Bitcoin network activity. The transaction count, measured by its 14-day Simple Moving Average, reached a high of 540,000, a 2025 peak. Increased transaction activity usually signifies rising demand and network usage. This bullish trend is supported by protocols like Bitcoin Ordinals and Runes. A "bullish convergence" between network activity and price movements has been observed. This convergence suggests the current rally is not based on pure speculation. Further price momentum will depend on the continuation of high on-chain activity, which should be closely monitored.

The Bitcoin Network Activity Index has recently declined into the bear market zone, indicating a decrease in demand for using the network. The index tracks activity-related indicators like transaction count and active addresses to gauge the situation on the blockchain. The metric has been sharply moving down since reaching a peak last year, implying waning demand. A surge in user activity is necessary for a sustainable price move, so a decrease in the index is considered a bad sign. The trend in network activity has entered a "bear phase", which has historically accompanied bear markets. However, there was an exception in the second half of the 2021 bull run, where the index signaled a bear phase despite the price rally. This suggests that the run was unlikely to last, and the price couldn't reach a higher top. Despite the bear signal, Bitcoin still witnessed a notable period of bullish momentum in 2021. The latest red signal could indicate a bear market, but it could also be a buying opportunity. Meanwhile, the combined market cap has reached an all-time high, which could be a bullish sign for the sector.

Bitcoin's price has remained relatively stable, hovering around $104,300 with minor fluctuations. Despite the price stagnation, on-chain activity shows significant growth and increased participation. A surge in new wallet creation, reaching levels not seen since late 2023, indicates a rising user base. Simultaneously, the volume of Bitcoin changing hands has spiked, signaling active trading and network utilization. Data reveals that large Bitcoin holders, often referred to as "whales," have significantly increased their holdings. Mid-tier investors, holding between 10 and 10,000 BTC, have also been accumulating Bitcoin at a steady pace. This combined accumulation by large and mid-tier holders reduces the available supply on exchanges. The reduced supply, coupled with growing demand, could potentially exert upward pressure on Bitcoin's price. Increased coin movement usually aligns with amplified user engagement, reflecting network activity. These trends suggest a growing underlying interest in Bitcoin, even amidst price stability. The increased accumulation from various investor levels highlights potential bullish sentiment in the market.

Although the network’s mining difficulty cranked up 4.63% just four days ago, that bump barely ruffled the miners. The machines kept churning with wild devotion, and the protocol’s horsepower blasted its way to a shiny new all-time high of 1,091 exahash per second (EH/s). Miners Push Bitcoin Network to All-Time High Hashrate of 1.091 Zettahash […]

The history of cryptocurrency officially began with the release of a whitepaper in 2008 “Bitcoin: A Peer-to-Peer Electronic Cash System” by Satoshi Nakamoto.

The monthly average network hashrate, a proxy for competition in the industry and mining difficulty, rose 5% to 1,082 EH/s.

The combined hashrate of the 13 U.S.-listed miners the bank tracks now accounts for a record high 33.6% of the global network.

The combined market cap of the 13 U.S.-listed bitcoin miners the bank tracks reached a record high last month.

The Bitcoin Network Value to Transactions (NVT) Golden Cross is currently showing a bearish trajectory for the BTC price. The NVT Golden Cross is an on-chain indicator that compares the Bitcoin market cap to transaction volume. A high NVT Ratio value indicates that the coin's value is high compared to its transaction volume, suggesting it may be overvalued. The current NVT Golden Cross value is high, entering a zone where the asset's price has often formed a top. The indicator's sharp rise was followed by a bearish reversal in BTC's price. Although the metric has cooled off, its value remains relatively high, suggesting the pullback is likely to continue. The quant notes that the recent price rise was driven by manipulation and that transaction volumes on the network must increase for the upward trend to be sustainable. Historically, bottoms have occurred when the NVT Golden Cross has gone under the -1.6 mark, but it currently stands at 1.8. Bitcoin is trading around $83,300, down almost 6% in the last seven days. The NVT Golden Cross suggests that the coin's price may continue to decline unless transaction volumes increase.

The Bitcoin Network Value to Transactions (NVT) Golden Cross has surged into a zone that has historically signaled overpriced conditions for the asset. The NVT Golden Cross is an indicator that compares the short-term trend with the long-term trend to locate tops and bottoms in the NVT Ratio. The NVT Ratio tracks the ratio between the BTC market cap and transaction volume, reflecting the asset's 'fair value'. When the NVT Ratio is high, it means the market cap is high compared to the transaction volume, implying BTC may be becoming overheated. The NVT Golden Cross has recently registered a sharp uptick and entered into the region above the 2.2 mark, where the cryptocurrency's market cap has historically outpaced the transaction volume. This zone is where price corrections to the downside have taken place for the asset. Not every top in the NVT Golden Cross inside this territory coincides with a price top, and in many instances, the decline in the asset isn't to a major degree. Since the signal has appeared, the asset has been going down, a potential sign that the same reversion effect may be in play once more. It remains to be seen whether downside will be limited or if this will be one of those instances where the signal was followed by an extended drawdown. At the time of writing, Bitcoin is floating around $103,700, down almost 5% in the last seven days.

Mining gross margins expanded sequentially this month, which is encouraging, the bank said.

Bitcoin’s network activity has dropped to its lowest level in a year, according to Cryptoquant and its researchers, marking a significant decline from previous highs. Bitcoin Transactions and Fees Plummet Cryptoquant‘s Bitcoin Network Activity Index, a key metric tracking transactions and user engagement, has fallen 15% since November 2024, now standing at 3,760—the lowest level […]

Mining difficulty fell 2% from the previous month, which is relatively uncommon, the report said.

After four straight difficulty hikes beginning March 9, the Bitcoin network finally eased up—registering a 3.34% downward adjustment that offered miners a welcome moment of relief. Bitcoin Network Sees First Difficulty Drop After 4 Consecutive Rises Bitcoin’s difficulty declined for the first time since the March 9, 2025, increase, breaking a streak of four consecutive […]

Bitcoin’s hashrate has soared to unprecedented heights, hitting an astonishing 900 exahash per second (EH/s) as of April 6. 900 EH/s Milestone: Bitcoin’s Security Fortress Grows Stronger Merely a day earlier, at block 891,072, the network’s difficulty adjusted upward from 113.76 trillion to 121.51 trillion—a striking 6.81% leap. Conventional wisdom suggests that as difficulty climbs, […]

The Bitcoin price has been sluggish in 2025, and on-chain data suggests that the network fundamentals have been declining since Q4 2024. A crypto analyst on CryptoQuant, Yonsei_dent, has highlighted the decline in Active Addresses (AA) and Transaction Count as indicators of weak investor sentiment. The AA metric measures the number of wallet addresses involved in a transaction within a specific period and is used to evaluate investor sentiment. According to Yonsei_dent, the number of active addresses on the Bitcoin network is steadily declining, suggesting a weakness in investor participation. A "death cross" has formed between the AA's 30-day moving average and its 365-day moving average, signaling a bearish momentum. This death cross indicates a prolonged downward trend in both price and network activity. The Transaction Count, which measures the number of unique transactions on the network, has also been declining since Q4 2024. This decline is attributed to global macroeconomic uncertainty and increasing risk aversion. The declining network activity does not bode well for the Bitcoin price action, as periods of low transaction activity often coincide with sideways movement and price corrections. As of now, the Bitcoin price sits just above $97,700, reflecting a measly 0.3% increase in the past 24 hours.

U.S.-listed miners maintained their share of the network hashrate at around 30%, the report said.

The fall in the monthly average network hashrate was a result of miners curtailing operations in response to the recent heatwave, the report said.