Thursday, September 29, 2022

4 on-chain metrics suggest Bitcoin price rally may not stop at $16,000 By Cointelegraph

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4 on-chain metrics suggest Bitcoin price rally may not stop at $16,000

After rejecting at $15,960 on Nov.6 (BTC) price has been defending the $15,000 support level with strength. Based on four on-chain data points, analysts believe the rally might continue beyond $16,000.

Analysts have pinpointed lower Bitcoin exchange reserves, unmoved supply, a rise in “stronger hands,” and unrealized profits as factors for the rally to continue.

Bitcoin exchange reserves. Source: Delphi Digital
Bitcoin Relative Unrealized Profit. Source: Glassnode