On-Chain Metric Signals the Bitcoin Market Isn’t Overheated

Despite what you may see across so many of the Bitcoin and crypto-related sites, Bitcoin is actually doing great – it is up 150% from the March crash and ready to explode

On-Chain Metric Signals the Bitcoin Market Isn’t Overheated: Why This Is Bullish

“With Bitcoin flatlining, it’s been hard for some analysts to purely use technical analysis to determine which way the asset will break next. Some market commentators have thus turned to on-chain analytics to indicate which way BTC will move next.

According to data from WhaleMap shared by a cryptocurrency technician, the profitability of traders has gone down rapidly. Referencing the chart below, which indicates that the “moving profits” metric is decreasing, the analyst wrote:

‘The amount of people in profit is going down rapidly. This is good, it means the market isn’t overheated anymore. Usually when everyone is making money the market starts shaking everyone out. This chart shows enough shaking has been done.'”


Master Asked on July 22, 2020 in Bitcoin.
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