The Last Time This On-Chain Metric Was This Low, Bitcoin Surged 150%


Bitcoin’s price has been slipping lower over recent days and weeks. From the recent highs set just two days ago, BTC is down by around 2-3%. From the year-to-date highs set two weeks ago, Bitcoin has shed closer to 20%. The cryptocurrency may be primed to return higher as an on-chain metric falls to important levels. The last time this specific metric was this low, the coin surged around 150% in the weeks following the signal. Bitcoin may also gain strength due to fundamental trends as well, such as statements from the Federal Reserve implying continued stimulus. Critical On-Chain Signal Forms Positive Signal Despite Price Weakness Bitcoin’s trend has been weak over the past few days as the cryptocurrency underwent a critical rejection at the $11,000 price point. On a long-term time frame, though, bulls remain in control according to a recent analysis by CryptoQuant CEO Ki Young Ju. The…

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