On this market analysis where we discuss the unchained data and try to predict where the market is heading crypto market is slowly recovering from the bloody Friday while I would like to see a sprint a higher high on a four-hour bitcoin chart before calling the bottom I can say that some of the indicators look very promising at the moment after an increase in bitcoin reserve unknown exchange addresses we have seen the first large withdrawals take place.
a few hours ago 7439 BTC left known exchange addresses in an hour this is a great sign and shows us that someone clearly bought the dip we have also seen a spike in the number of stable coin deposits to exchange addresses this is usually a great sign and shows an increased buying pressure quite often it also marks the bottom as a result.
the stable coin reserve unknown exchange addresses increased the price usually follows so this is
another positive sign, minor outflows are still hovering below the yearly mean meaning that they are still in the accumulation phase and are not selling at those levels funding rates are back to negative meaning that the shorts are paying longs, this happens when there are more shorts than lungs and signals the crowds bearish bias.
since the crowd tends to be wrong this is a very bullish sign. Coinbase pro is currently very high in signals strong by pressure coming from the U.S furthermore the 30-day mvrv measuring average return of the traders is currently at a yearly low since not a lot of traders tend to sell at a loss.
this is another bullish sign and something that usually marks the bottom fear and greed index is currently sitting at 37 meaning that we have entered the fear stage which could also signal the bottom
all in all I remain extremely bullish about bitcoin and am highly convinced that the real rally is just getting started at the end of the day 20 to 30 corrections are also something normal and were part of all bitcoin bowl cycles, the next week should be very interesting in terms of the price action as quarterly reports for all major corporations will come out
as mentioned already a few times I'm highly convinced that a few big names joined the bitcoin club over the past few months once the news comes out the price will go parabolic
Posted Using LeoFinance Beta
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