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On-chain data flashes Bitcoin buy signals, but the bottom could be under $20K

Cryptocurrency May 29, 2022 06:20PM ET
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On-chain data flashes Bitcoin buy signals, but the bottom could be under $20K

Every Bitcoin investor is searching for signals that the market is approaching a bottom, but the price action of this week suggests that we're just not there yet.

Evidence of this can be found by looking at the monthly return for Bitcoin (BTC), which was hit with a rapid decline that “translated to one of the biggest drawdowns in monthly returns for the asset class in its history,” according to the most recent Blockware Solutions Market Intelligence Newsletter.

Bitcoin monthly returns. Source: Blockware Solutions
BTC/USD vs. 180-week exponential hull moving average 1-week chart. Source: Blockware Solutions
Bitcoin entity-adjusted NVT. Source: Uncharted
Bitcoin entity-adjusted dormancy flow vs. Bitcoin entity-adjusted dormancy. Source: Uncharted
Bitcoin Mayer Multiple. Source: Blockware Solutions

Continue Reading on Coin Telegraph

On-chain data flashes Bitcoin buy signals, but the bottom could be under $20K
 

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