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Bitcoin Metrics Suggest The Currency Is On An Upwards Trajectory Despite Poor Performance This Week
Summary: Bitcoin's price dropped by 10% this week, but the 3-day chart shows the decline has not had an effect on the broader market structure, according to data from Tradingview. Bitcoin has gained 48% year-to-date and on-chain metrics are strong. The largest daily drop over the past 5 months was a 6.4% decline on Sunday, August ...
Bitcoin's price dropped by 10% this week, but the 3-day chart shows the decline has not had an effect on the broader market structure, according to data from Tradingview.
Bitcoin has gained 48% year-to-date and on-chain metrics are strong. The largest daily drop over the past 5 months was a 6.4% decline on Sunday, August 2. 63% of UTXOs also have not moved for over a year despite periodic price drops, indicating that holding sentiment is strong among investors, Glassnode data shows.
The options market is also showing strong signals. Binance and OKEx provide aggregated data on the net positions of professional traders on their platforms. That data shows that top traders on both platforms have held bullish positions since July 27, as reported by Cointelegraph.
By Emily Mason
Tags: Bitcoin,BTC
Link: Bitcoin Metrics Suggest The Currency Is On An Upwards Trajectory Despite Poor Performance This Week [Copy]
