BITCOIN ON-CHAIN CHARTS UPDATE
Bitcoin is still keeping us on our toes! We’ve been under $45k in almost 3 months now. It goes up making us all giddy with anticipation, then spirals down just within the zone, too, enough to make us believe and that it is just one of BTC volatile episodes.
So, what should we expect BTC to do in the coming weeks/months?
Looking at other on-chain metrics: The Golden Ratio Multiplier, we are still under the orange line (350DMA) which is acting as the first resistance BTC has to crossover before we get to talk about being bullish again.
Let’s hope it gets above $46k so we’ll get back market’s confidence.
On the other hand, looking at the addresses… Although those with at least 10k BTC has been seen selling fractions of their holdings every now and then, we are still seeing higher highs.
What’s impressive though are the medium-sized investors. There’s a significant spike to the number of addresses that holds at least 1k BTC since the lows last February.
Could this imply a good news coming soon? Maybe. But we still have to be very cautious. It pays to be careful. Never get FOMO’ed!
How about you, guys? Which charts are you looking at at the moment? Share down below.
For more charts relevant to market top readings, stay tuned. 😉
DISCLAIMER: THIS IS NOT FINANCIAL ADVICE.
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