Bitcoin on-chain data highlights key similarities between the 2019 and 2023 BTC price rally
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Bitcoin’s (
Similarly, the price has moved above the average buying levels of both short and long-term holders, which is another signal of a potential trend reversal. This could be a sign that the market has reached a crucial turning point as the on-chain oscillators return to equilibrium.
The metrics also hint that a potential bull trend appears likely while the price holds above support at $21,800, $20,800 and $19,600.
A weekly close above $25,100 could encourage derivatives and technical traders to buy into the current rally, but there are some warning signs that the market might be reaching overheated conditions and a quick correction toward lower support levels cannot be ruled out.
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