Bitcoin On-Chain Data Analysis Points Towards Continued Upside Potential
As a cryptocurrency enthusiast, you may be eager to learn about the latest on-chain data analysis for Bitcoin. Willy Woo, an experienced analyst, has shared insights that suggest further upward movement for the leading cryptocurrency. By delving into the on-chain metrics, there are promising signs that Bitcoin could see a significant rise, breaking through its current consolidation phase.
At present, Bitcoin is experiencing a period of consolidation, with its price ranging between $69,000 as a crucial support level and $73,800 as a strong resistance point. Despite the optimism among analysts regarding Bitcoinโs future trajectory, the cryptocurrency has struggled to overcome substantial selling pressure preventing it from surpassing its previous all-time high and continuing its upward trend.
Analyzing Institutional Investments and Hedge Fund Activity
Behind this price struggle lies a notable disparity between institutional investors, who are optimistic about Bitcoinโs potential for growth, and hedge funds, which have been actively selling the cryptocurrency in significant quantities.
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