On-Chain Data Shows Why Bitcoin’s Next Leg Higher Is Just Starting

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Bitcoin plunged as low as $11,100 earlier this week. The drop led many analysts to think that the cryptocurrency was poised to lose the gains it incurred in late July and early August. One trader said that assuming Bitcoin’s weakness earlier this week, a move to the $9,000s was entirely possible. On-chain data, though, shows that BTC has likely found a bottom in the near term and will trend higher in the days ahead. This is in line with Bitcoin’s ongoing price rally. Bitcoin Has Found a Local Bottom, And Upside Is on Its Way On-chain statistics are purportedly showing that Bitcoin is on the verge of its next leg higher. A cryptocurrency technician shared the chart below on August 13th. It shows Bitcoin’s macro price action coupled with the metrics “moving profits” and “moving losses.” These are two on-chain metrics that show if transactors of Bitcoin on a certain…

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