Bitcoin On-Chain Fundamentals Are Still Decisively in “Bullish Mode”
Bitcoin has undergone a strong rally over the past few weeks. The coin has rallied from the $9,800 lows in early September to $11,400 now. Bitcoin may retrace in the near term, analysts say, as it faces down increased selling pressure. Despite these short-term bearish signs, the long-term trend remains bullish. Noted on-chain analyst Willy Woo says that Bitcoin’s long-term trend is still decisively positive despite short-term downside risks. What’s Next for Bitcoin? Leading on-chain […]
Related News
Analysts believe Bitcoin’s on-chain fundamentals point to a 2017-style bull run Despite an uneventful month for Bitcoin (BTC) price, on-chain metrics suggest that Bitcoin may be gearing for an imminent bull run. Noticeably, the number of Bitcoin held on spot exchanges has been decreasing since the start of the year, according to data from on-chain analytics firms, CryptoQuant, and glassnode.Crypto analyst, Willy Woo, noted that this change in trend is extremely bullish for Bitcoin as it signals an increased demand for the asset and interest in holding it as a store of value. Woo....
Bitcoin price meanders near its low, apparently acquainting itself with long-term support. Chart technicals to one side today, as we consider the question “Do fundamentals drive price?” Today’s article considers the bitcoin price chart in context of similar speculative markets. The discussion focusses on the notion of fundamentals. The term fundamentals is used in its broadest sense, and not in the strict investment definition that refers to company balance sheets, work in progress, and so on. Although there are parallels between the bitcoin price market and other commodity markets, as....
Bitcoin has faced a slight retracement since the $16,500 highs set a few days ago. The leading cryptocurrency has dropped to $16,000 as of this article’s writing and fell as low as $15,700 on Saturday morning. Despite this, Willy Woo said that the on-chain fundamentals remain bullish. Bitcoin Remains Bullish: Willy Woo Bitcoin has faced a slight retracement since the $16,500 highs set a few days ago. The leading cryptocurrency has dropped to $16,000 as […]
PayPal has entered the cryptocurrency market, another publicly traded firm will buy bitcoin and Bahama unveiled its dollar-pegged CBDC.
Hong-Kong based Bitfinex has launched a new “SAT Mode” feature on its exchange platform.