Bitcoin on-chain data flashes early signs of the BTC bottom being in
Cointelegraph
Published Nov 01, 2022 01:08PM ET
Updated Nov 02, 2022 08:40AM ET
While Bitcoin (BTC) price support may be psychological for some traders, the statistics behind BTC remaining over $20,000 for a week are strong indicators of price support or, in other words, a new bear market floor. Multiple Bitcoin data points might be able to establish a $20,000 support level.
Last week, Bitcoin reached a high of $20,961. However, it never sustained its upward momentum as the rally fizzled out, failing to break $21,000 support. As a result of the rally as well as the rejection, Glassnode, in its most recent report, analyzes whether or not Bitcoin is hammering out a bear market floor.
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Written By: Cointelegraph
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