Bitcoin is moderately correcting after a bullish July. The capitalization of the USDT stablecoin began to grow for the first time in three months.
Bank of America points to bullish signals for BTC. Bitcoin has set its sights on the $27,000 mark, according to Arcane Research.
Glassnode doubts the continuation of the BTC rally. Bitcoin will enter a new phase of growth only in 2024, Morgan Creek believes.
Bitcoin declined by 0.5% on Tuesday, ending the day at about $23,000 amid a correction in stock indices.
If BTC holds the level of $20,700, it may soon be in the range of $27,000-$28,000, Arcane Research believes.
The increased outflow of cryptocurrencies from exchanges and the growth of net inflows into stablecoins signal a bullish market momentum, according to Bank of America.
The capitalization of the USDT stablecoin has started to grow for the first time in three months, which may indicate consolidation and further growth of cryptocurrencies. Since the beginning of May, the indicator has decreased by 21%.
The AASI on-chain indicator indicates a likely correction of bitcoin, since the price of BTC has recently grown faster than the number of active addresses. On the other hand, the long-term MVRV Z-Score indicator has crossed the upper boundary of the deep oversold zone, which signals the likely passage of the "bottom" of the market cycle.
Meanwhile, Glassnode doubted the continuation of bitcoin's recovery rally, referring to the fact that the data of on-chain indicators have not improved fundamentally in recent days. Thus, the number of active bitcoin addresses remains within the downtrend channel. Network activity remains subdued, which indicates a small influx of new demand.