Bitcoin's on-chain volume is showing bullish signs
On-chain transaction volume is a valuable indicator for understanding the bullish or bearish momentum of
BTC
and can help spot reversals and break-outs.
In the red box (2020), we see a pattern of transaction volume reaching high levels as the
BTC
price broke out above previous highs.
Currently,
BTC
is experiencing a similar and significant breakout in transaction volume, while it is flirting with previous highs. This volume growth can be interpreted as a sign of confidence in the current break-out.
The most likely scenario is that volume will continue to grow as price breaks previous highs.
BTC
and can help spot reversals and break-outs. In the red box (2020), we see a pattern of transaction volume reaching high levels as the
BTC
price broke out above previous highs. Currently,
BTC
is experiencing a similar and significant breakout in transaction volume, while it is flirting with previous highs. This volume growth can be interpreted as a sign of confidence in the current break-out. The most likely scenario is that volume will continue to grow as price breaks previous highs.
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