A significant upward shift is anticipated for many BTC businesses following the recent publishing of US job data. The price of Bitcoin has been moving sideways over the last few days, leaving traders excitedly anticipating a potential breakout within the upcoming week. However, some on-chain data points are currently indicating bullish indicators, which might swiftly regain investor confidence and push the price above the $30K mark.
The On-Chain Metrics for Bitcoin Suggest a Bullish Trend
Over the past 30 days, Bitcoin‘s value has increased by a significant 30%, regaining the crucial $28K level. However, traders are currently eagerly awaiting BTC’s next price surge to break beyond the $30K barrier.
According to cryptocurrency analytics company Glassnode, on-chain indicators appear to remain in Bitcoin’s (BTC) favor, despite this week’s sideways price movement for the leading digital asset. The miner payment income momentum parameter, which gauges escalating BTC market demand, is being closely watched by Glassnode.
According to the analytics company, the metric is currently showing warnings of growing demand for Bitcoin. According to the agency, current demand is starting to enter the market because the 90-day Simple Moving Average (SMA) for charges recently outperformed its yearly average.
The agency announced that the Open Interest in Bitcoin Options contracts has finally surpassed that of Futures contracts. The current value of Bitcoin Options contracts is approximately $10.3 billion, while the value of Bitcoin Futures contracts is $10 billion.
Another cryptocurrency analytics company, Santiment, reports that Bitcoin merchants are currently processing transactions at a loss at a rate twice as fast as revenue, which the company views as a positive development for the market.
Is BTC Value Set to Pass $30K Next Week?
Experts have differing ideas on Bitcoin’s speedy future, and its price has recently been circling below the $29,000 mark. Analysts differ on whether the price will increase to $30,000 or whether it has already peaked.
In the Bitcoin chart, a symmetrical triangle has formed near $29,000, signifying an equal degree of uncertainty among optimistic and bearish traders regarding the BTC’s potential price movement.
As of this writing, Bitcoin is trading around $28K, up 0.37% from yesterday’s performance. Bulls seem to have a tiny advantage, according to an analysis of the each day’s worth chart, as shown by the 20-day EMA ($27,465), which is heading upward, and the relative energy index (RSI), which is over 55.
By Monday, if Bitcoin has risen above $29K, it may continue to rise and reach the forecasted bullish target of $30K. However, a bearish reversal below EMA-20 will send the asset to test its support under $27,000.
