Making a cautiously bullish case for BTC
Quick takeaways:
- Several of Bitcoin's on-chain and social indicators may slowly be moving into 'bullish' territory
- Assets covered: Bitcoin
- Metrics used: Holder disribution, social seniment, price-daa divergence, mvrv long/short difference, daily active addresses
It’s been a week of cold showers for Bitcoin, as the benchmark cryptocurrency recorded double-digit losses (-10.2%) over the past 7 days and is now inching closer to retesting the $8500 support level.
Unlike most BTC corrections, though, this one has failed to take down the entire market with it, as many high-cap alts were up strong against BTC to start the week:
The decoupling seems to have breathed new optimism into altcoin enthusiasts, as we’re seeing multiple recent spikes in the amount of ‘alt season’ mentions on crypto social media,
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