{"id":18036,"date":"2024-10-24T10:59:38","date_gmt":"2024-10-24T07:59:38","guid":{"rendered":"https:\/\/forklog.com\/en\/copper-identifies-bitcoin-overheating-signs-ahead-of-us-elections\/"},"modified":"2024-10-24T10:59:38","modified_gmt":"2024-10-24T07:59:38","slug":"copper-identifies-bitcoin-overheating-signs-ahead-of-us-elections","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/copper-identifies-bitcoin-overheating-signs-ahead-of-us-elections\/","title":{"rendered":"Copper Identifies Bitcoin Overheating Signs Ahead of US Elections"},"content":{"rendered":"<p>On-chain metrics for the leading cryptocurrency indicate a short-term local peak ahead of the US elections. This conclusion was reached by Copper, as reported by <a href=\"https:\/\/www.theblock.co\/post\/322714\/bitcoin-may-have-hit-short-term-price-top-ahead-of-us-election-analysts-say\">The Block<\/a>.<\/p>\n<p>According to analysts, 98% of wallet addresses are currently in unrealized profit. Historically, a sharp rise in this metric\u2014recently reaching 75%\u2014has often been accompanied by increased selling pressure.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;The market is experiencing a temporary peak ahead of the US elections,&#8221;<\/em> the review states.<\/p>\n<\/blockquote>\n<p>As a weakness, experts also noted the price&#8217;s inability to break through the upper boundary of a multi-month consolidation amid active inflows into <span data-descr=\"exchange-traded fund\" class=\"old_tooltip\">ETF<\/span>.<\/p>\n<p>On October 22, a positive seven-day streak was interrupted as investors withdrew <a href=\"https:\/\/sosovalue.xyz\/assets\/etf\/us-btc-spot\">$79.1 million<\/a> from products.<\/p>\n<p>CryptoQuant <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/6718f78289c8224c1bcc2291-Bitcoin-Network-Fundamentals-Turn-Positive\">noted<\/a> an improvement in the medium-term outlook for Bitcoin, evidenced by rising hash rate and mining difficulty. This suggests digital gold&#8217;s appeal to institutional investors.<\/p>\n<p>According to analysts, the number of active addresses over a 30-day period has been increasing since mid-September, alongside the volume of fees paid. This combination creates conditions for price appreciation.<\/p>\n<p>Experts believe that current fundamental indicators resemble patterns from previous bull runs.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Even if a correction or consolidation occurs, there is a high likelihood of a positive trend,&#8221;<\/em> they concluded.<\/p>\n<\/blockquote>\n<p>Earlier, QCP Capital noted high chances for Bitcoin and Ethereum to break through resistances at $70,000 and $2,800, respectively.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On-chain metrics for the leading cryptocurrency indicate a short-term local peak ahead of the US elections. This conclusion was reached by Copper, as reported by The Block. According to analysts, 98% of wallet addresses are currently in unrealized profit. Historically, a sharp rise in this metric\u2014recently reaching 75%\u2014has often been accompanied by increased selling pressure. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18035,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1205,1268],"class_list":["post-18036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptoquant","tag-on-chain-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/18036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=18036"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/18036\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/18035"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=18036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=18036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=18036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}