On-chain data suggests that Bitcoin is staging a recovery like in December 2018 and March 2020.
Bitcoin (BTC) is still below a key moving average and that is “not a bullish sign,” says a new report, but signs of a rebound have finally arrived.
In its latest market update released on June 11, trading suite Decentrader highlighted three on-chain indicators calling for an imminent bullish continuation for BTC/USD.
Indicators echo March 2020 aftermath
Bitcoin has now spent almost a month below its 200-day moving average (DMA). This is concerning, Decentrader warns, and external factors such as geopolitical sentiment continues to weigh on sentiment.