Cryptoknowmics
2022-03-16 07:43:30

On-chain Analysis Shows Signs Of Bullish Trend for Bitcoin

Bitcoin has been ranging between $37,000 and $45,000 price level for the past two months, while most altcoins are bleeding and are in a clear downtrend. Liquidity is very low in the cryptocurrency market, due to uncertainty in the market right now. Inflation in the US has reached a 40-year high of 7.9%. FED will be tightening the monetary policy to bring inflation back down. Russia-Ukraine war is causing a negative impact on the cryptocurrency market as well as the stock market, due to the uncertainty caused by it. As no one knows how this war will end and what will be the repercussions of it. Therefore, there are a lot of factors that have caused the fall in the prices of cryptocurrencies. This article will cover the on-chain analysis of Bitcoin and with the help of various on-chain data, we will try to understand what is happening in the Bitcoin network, that may result in bullish or bearish price movement. Bitcoins in Exchange Reserve In the last 2 months, Bitcoins held in Exchange Reserve are continually decreasing and have decreased from 2.38 Million to 2.312 Million. This shows that fewer coins are available on the exchanges for trading. If this outflow of Bitcoin from exchanges continues, we might see high volatility in the market in the upcoming days, due to the low liquidity created by these outflows. A decrease in Exchange Reserve indicates the scarcity of Bitcoins on the Exchanges, which is bullish for the Bitcoin m...

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