Making a cautiously bullish case for BTC

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Ibis
May 27, 2020

The number of addresses holding more than 100 BTC is on the rise again (Source: Sandata)

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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Assets from this insight

Bitcoin logo

BitcoinBTC

$ 13159.29

2.69%in last 7d
2