Is Bitcoin back on track?
Assets covered: Bitcoin (BTC)
Metrics used: Weighted Social Sentiment, Age Consumed, Exchange Inflow, Mean Coin Age, Mean Dollar Invested Age, MVRV, Holders Distribution Combined Balance.
It looks like Bitcoin is no longer ranging. Let's see what it means for BTC and for the market.
1. Price action
A lot of "whale alerts" on liquidations are telling us that people are still more in short positions. So these shorts are helping BTC. Some opening small leveraged longs. But nothing too big for now. We are still making higher lows and higher highs, which is good generally.
If we look back at record of the past three months, usually the start of the month is very pretty, then at the end of the month options expire and things get a little bit wonky. Perhaps March could follow
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