Bitcoin\u2019s (BTC) price is currently on an upward momentum, and there is a chance the crypto asset could surge higher, according to on-chain data.<\/p>\n
A report<\/a> from the pseudonymous CryptoQuant analyst Avocado revealed that several on-chain support levels suggest a positive turning point for BTC in the long term, indicating that the cryptocurrency is still in its bull season.<\/p>\n Avocado said these on-chain data points have reached their average support levels, and coupled with recent price movements, these metrics signal positive sentiment from a long-term standpoint.<\/p>\n One of the metrics is the seven-day Simple Moving Average (SMA) of Bitcoin\u2019s Fund Flow Ratio, which suggests that BTC investors have begun to trade on exchanges again. The metric has slumped to 0.05, a level that serves as a major support when the ratio stops declining, and is now slightly rebounding.<\/p>\n Avocado said the recovery historically occurs at the end of a bear market or halving event and at the onset of a bull phase. It usually leads to substantial long-term rallies in bitcoin\u2019s price.<\/p>\n The second metric is the 30-day SMA of Bitcoin\u2019s Estimated Leverage Ratio, which is currently showing signs of recovery and has formed a critical support range between 0.15 and 0.175.<\/p>\n \u201cWith the approval of futures ETFs after 2021 and the recent positive news regarding Bitcoin options trading, I believe the influence of this metric will continue to grow,\u201d Avocado stated.<\/p>\n The analyst further highlighted the 30-day Exponential Moving Average (EMA) of Bitcoin\u2019s Binary Coin Days Destroyed (CDD), which is currently hovering between 0.1 and 0.3. This indicates that long-term holders are accumulating BTC. According to Avocado, a significant increase in the value of this metric often signals the end of a bull market.<\/p>\n Avocado\u2019s analysis comes as BTC records a 7.5% surge in the past week, triggered by the Federal Reserve reducing its interest rate by 50 basis points. The Fed\u2019s move increased<\/a> cash flow in the U.S. and intensified activities in bitcoin\u2019s futures and perpetual markets, giving room for a surge in open interest and, subsequently, an increase in the asset\u2019s value.<\/p>\n According to data<\/a> from CoinMarketCap, BTC was worth $63,500 at the time of writing, having recorded a slight increase in the past 24 hours.<\/p>\n The post Bitcoin Price to Keep Rising, According to These On-Chain Support Levels<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin\u2019s (BTC) price is currently on an upward momentum, and there is a chance the crypto asset could surge higher, according to on-chain data. A report from the pseudonymous CryptoQuant analyst Avocado revealed that several on-chain support levels suggest a positive turning point for BTC in the long term, indicating that the cryptocurrency is still […]<\/p>\n","protected":false},"author":0,"featured_media":9118,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9117"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9117"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9117\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/9118"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Positive Outlook for Bitcoin<\/h2>\n
Bitcoin Up 7.5% Weekly<\/h2>\n