Recent data from CryptoQuant reveals Bitcoin may experience a significant recovery, supported by key on-chain metrics. An analyst under the pseudonym Darkfost highlights these metrics reaching crucial support levels, indicating a potential bullish shift.
One primary indicator is the 7-day SMA of the Fund Flow Ratio at 0.05, a historical support line. When this level is reached, it often signals the end of a bear market or the beginning of a bullish phase.
The 30-day SMA of the Estimated Leverage Ratio is another metric showing recovery, trending upwards between 0.15 and 0.175, indicating increased market confidence. The approval of futures ETFs and Bitcoin options trading developments may contribute to this trend.
The 30-day EMA of Binary Coin Days Destroyed (CDD) is also critical, tracking long-term Bitcoin holders. This metric fluctuates between 0.1 and 0.3, suggesting long-term holders are accumulating Bitcoin, positioning for future gains.
The analyst concludes that these support levels and recent movements are positive for Bitcoin's long-term growth, indicating a potential end to the bear market with increasing momentum for a future bull run.
Fuente: www.newsbtc.com ↗