Traders are using a variety of strategies to determine whether Bitcoin price has bottomed, but on-chain activity and derivatives data hint that the situation remains precarious.
Has Bitcoin price bottomed yet? According to noshitcoins, derivatives and on-chain data signal that further downside could be in store.
The 500% price rally from Oct. 1, 2020, and the $64,900 peak on April 14, 2021, caused a major increase in the supply moved in the months before the rally. When this metric presents a sharp decrease, it indicates that investors are no longer interested in participating at the current price level.
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