The 4 Reasons Why Bitcoin May Continue Its Upward Ascent Soon
Since peaking at $12,500 late last month, the leading cryptocurrency has traded in a steep downtrend. The coin remains down $2,000 below those highs despite already bouncing by around $700 from local lows.
There are crucial market data points, though, that suggest that Bitcoin will continue its ascent in the near future. A crypto technician recently outlined these reasons in a Twitter thread:
Chart of BTC's price action since the start of July with a Contango Index analysis by crypto trader Byzantine General (@Byzgeneral on Twitter). Chart from TradingView.com
On-Chain Data Agrees With This
On-chain data agrees with the bullish sentiment shared by the aforementioned trader.
Willy Woo, a prominent on-chain analyst, recently commented:
Other on-chain trends such as the strength of Bitcoin miners, measured through the hash rate and network difficulty, also suggest a macro bullish backdrop to cryptocurrencies.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com These 4 Trends Show That Bitcoin's Likely to Move Higher After 20% Drop
Originally from Bitcoinist.com https://ift.tt/32Uqz1o
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