Bitcoin Is Seeing Record Inflows… Almost: Willy Woo
Bitcoin has exploded higher over the past few weeks. In the past five weeks alone, the leading cryptocurrency has gained 50% against the U.S. dollar, basically outperforming all other assets.
Bitcoin currently trades for $15,900, far above the $9,800 lows of September though slightly below the $16,500 local highs.
Capital is flooding into the Bitcoin market almost at a record pace, according to Willy Woo.
The prominent on-chain analyst recently noted that per his data, it is clear that there is an influx of capital entering the Bitcoin market, which is driving up prices. He pointed to the Realized Price metric, which tracks the estimated average cost basis that Bitcoin investors have paid. Referencing the chart seen below, he recently stated:
Chart of BTC's price action over the past few years with a realized price analysis by crypto analyst Willy Woo (@woonomic on Twitter).
Far From the Only Good Sign
The growing strength in the Realized Price of Bitcoin isn’t the only good sign that the analyst has recently seen. He recently stated that the ongoing rally seems to have been catalyzed by large investors, suggesting that there is institutional money influencing this rally:
Of note, Woo recently stated that Bitcoin’s recent price action could be seen as bearish from a technical perspective, pointing to a bearish RSI divergence and other unfortunate signs.
Woo did caveat that point by highlighting that what really matters, the on-chain fundmentals, remain bullish for the cryptocurrency.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Capital Is Flowing Into Bitcoin Almost At a Record Pace: On-Chain Data
Originally from Bitcoinist.com https://ift.tt/38L1vxd
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