Three Key Reasons Why Bitcoin’s Macro Trend Is Bullish
Bitcoin’s macro trend remains bullish despite its inability to hold above crucial technical levels during the summer rally. One crypto-asset analyst recently shared a series of charts and tweets showing that there are multiple reasons to be bullish on Bitcoin from a macro time frame.
Three of these reasons are as follows:
Chart of BTC's weekly chart since the middle of 2016 with analysis by crypto trader JJCycles (@jjcycles on Twitter). Chart from TradingView.com
Underlying On-Chain Trends Agree
Underlying on-chain trends agree with the positive sentiment put forth by the aforementioned trader.
As reported by Bitcoinist previously, Glassnode reported that the number of BTC whales has been on a strong incline since the 2018 lows:
Chart of BTC's macro price action with number of whales overlay from Glassnode
Other on-chain trends supporting Bitcoin growth include an increase in the realized cap and a decreasing number of BTC on exchanges, which should support price growth.
Photo by Liza Pooor on Unsplash Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Three Key Reasons Why Bitcoin's Macro Chart Is Bullish
Originally from Bitcoinist.com https://ift.tt/34OLT85
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