What Correction? On-Chain Outlook for Bitcoin Still Bright After 10% Drop

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Just days ago, Bitcoin was trading at $9,800, just days away from decisively passing $10,000. Now, the cryptocurrency is trading at $9,200, having collapsed on the back of fears of Satoshi Nakamoto dumping his cryptocurrency. Bitcoin price chart from TradingView.com It’s a drop that has had some investors fearing the worst. Yesterday, for instance, Bitcoin closed below a key technical support level: the middle Bollinger Band, which is the 20-day moving average. AI and Cloud specialist at Microsoft Joe McCann, who moonlights as a popular crypto trader, wrote on the matter: “A close below $9287 for BTC would be bad for bulls, that’s the 20 day.” Yet a number of on-chain and fundamental trends have indicated that the cryptocurrency’s outlook remains strong. Bitcoin Is Still Bullish, On-Chain Indicators Confirm Despite the recent drop in the cryptocurrency market, blockchain insight firm Santiment shared on May 21st that Bitcoin’s Network Value to…

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