On-Chain Data Shows This Is a Bitcoin Price Dip to Buy: Executive


Bitcoin has undergone a strong drop over recent days as legacy markets have been dragged lower. The cryptocurrency fell from its $11,200 local highs to lows at $10,200, marking a drop of nearly 10%. The coin now trades at $10,400 as of this article’s writing, only marginally above the aforementioned lows. Bitcoin is under the pivotal $10,500-10,600 support level despite the recovery, leaving some bearish. Not everyone thinks that this is it for Bitcoin’s bull trend, though. On-chain data shows that this may be a crypto market dip to be bought. Bitcoin Dips Should Be Bought Moving Forward According to the CTO of Bitcoin analytics company Glassnode, Rafael Schultze-Kraft, the ongoing correction is likely a dip to buy. He shared the chart below, which shows the spent output profit ratio (SOPR) flirting with the pivotal level of one. In bull markets, whenever the metric falls below one, it is often…

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