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3 historically accurate Bitcoin on-chain metrics are flashing 'bottom'

Cryptocurrency Oct 22, 2022 02:00PM ET
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3 historically accurate Bitcoin on-chain metrics are flashing 'bottom'
 
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Bitcoin (BTC) and other riskier assets slipped on Oct. 21 as traders scrutinized macro indicators that suggest the Federal Reserve would continue to hike rates. Nonetheless, the BTC/USD pair remains rangebound inside the $18,000–$20,000 price range, showing a strong bias conflict in the market.

Notably, BTC's price has been unable to dive deeper below $18,000 since it first tested the support level in June 2022. As a result, some analysts believe that the cryptocurrency is bottoming out, given it has already corrected by over 70% from its record high of $69,000, established almost a year ago.

BTC/USD daily price chart. Source: TradingView
Bitcoin's historical drawdowns. Source: Arcane Research
Bitcoin MVRV Z-Score. Source: Glassnode
Bitcoin Reserve Risk vs. price. Source: Glassnode
Bitcoin Puell Multiple vs. price. Source: Glassnode

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3 historically accurate Bitcoin on-chain metrics are flashing 'bottom'
 

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