On-chain Data Reveals #Bitcoin’s Current Position Still Bullish

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On-chain Data Reveals #Bitcoin’s Current Position Still Bullish

In what appears to be a market of mixed signals, the majority of investors believe that Bitcoin is showing long-term bullish signs.

Following a detailed analysis of the digital asset, 72 percent of a total of 25 investors believe BTC shows bullish signs, according to a poll on cryptocurrency analytics platform CryptoQuant.

CryptoQuant is a cryptocurrency data provider based in South Korea that aims to help investors make informed decisions about the cryptocurrency markets.

The platform recently provided a brief but detailed analysis of BTC in relation to a number of analytical pointers.

BTC Reserves on All Exchanges are Still at a 2.5-year Low

When it comes to supply and demand, CryptoQuant notes that while BTC reserves have increased in recent months, they are still at a 2.5-year low.

A close examination of a chart provided by the analytics platform reveals a slight decrease in BTC reserves across all exchanges from the 2.41m peak in January of this year. According to the most recent data from late March, there are 2.3 million BTC reserves across all exchanges (both spot and derivative exchanges).

In general, an increase in the value of BTC reserves on spot exchanges means that investors are under more pressure to sell their BTC, which naturally leads to a decrease in price; and vice versa.

Averagely Neutral Signals from Oscillators

In terms of technical indicators, BTC showed promising signs with the momentum oscillator, but its MACD Level was not very encouraging. Other oscillators used yielded mostly neutral results.

Whales appear to be accumulating more BTC recently, but a chart shows that Miner to Exchange Flow has gradually decreased, with a last value of 252.8 at the time of writing.

Despite the sudden slight drop in open interest, the Estimated Leverage Ratio has sharply increased in terms of market sentiment.

While short-term holders have been increasingly capitulating, long-term BTC holders appear to have held onto their assets quite well.

Although BTC has not escaped the challenges plaguing the crypto space, it has shown signs of withstanding them quite well in an otherwise depressing market.

After peaking at $47k in late March of this year, digital gold has since seen a retracement that has shaken off some paper hands.


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