Bitcoin

<h2 id="quick-take">Quick Take</h2> 
Bitcoin’s recent performance managed to capture significant attention. On Oct. 23, the digital currency appreciated by 10% in a single day, marking the best single-day performance since the FTX collapse in Nov. 2022. It also became the most impressive daily performance in the current year. 
October has witnessed Bitcoin appreciating 27%, standing out as the best month return since Jan. 2023, when the digital currency appreciated by a whopping 40%. 
<figure id="attachment_367925" aria-describedby="caption-attachment-367925" style="width: 100%" class="wp-caption aligncenter">
 <img class="wp-image-367925 size-full" style="color: #383838;" src="https://cryptoslate.com/wp-content/uploads/2023/10/pp-1.png" alt="Bitcoin daily price performance: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/pp-1.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/10/pp-1-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/pp-1-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/pp-1-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/10/pp-1-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-367925" class="wp-caption-text">
 Bitcoin daily price performance: (Source: Glassnode)
 </figcaption>
</figure> 
Examining this performance in the context of Glassnode’s Bitcoin Investor Tool, a tool designed for long-term investors, can provide valuable insights. The tool uses a 2-year MA and a 5x multiple of the 2-year MA to indicate potential cyclical tops or bottoms. 
<figure id="attachment_367934" aria-describedby="caption-attachment-367934" style="width: 100%" class="wp-caption aligncenter">
 <img class="wp-image-367934 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/MA.png" alt="Investor tool: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/MA.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/10/MA-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/MA-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/MA-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/10/MA-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-367934" class="wp-caption-text">
 Investor tool: (Source: Glassnode)
 </figcaption>
</figure> 
Historically, trading below the 2-year MA has generated outsized returns and signaled bear cycle lows. On the other hand, trading above the 2-year MA x5 has historically signaled bull cycle tops, a zone where investors usually de-risk. 
The recent price increase saw Bitcoin breach above the 2-year MA for the first time since May 2022, when it was priced at $30,000. 
The post <a rel="nofollow" href="https://cryptoslate.com/insights/huge-one-day-candle-sees-bitcoin-pass-key-glassnode-indicator-teasing-potential-outsized-gains/">Huge one day candle sees Bitcoin pass key Glassnode indicator teasing potential outsized gains</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Huge one day candle sees Bitcoin pass key Glassnode indicator teasing potential outsized gains

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