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On-chain data flashes Bitcoin buy signals, but the bottom could be under $20K -Breaking


Although on-chain data shows Bitcoin buy signals and could indicate that the bottom is below $20K

Investors are always looking for signs that the market may be nearing a bottom. However, this week’s price action suggests we might not yet have reached that point.

The monthly Bitcoin return can provide evidence of this.BTC), which was hit with a rapid decline that “translated to one of the biggest drawdowns in monthly returns for the asset class in its history,” As perReceive the latest Blockware Solutions Market Intelligence Newsletter.

Monthly returns on Bitcoin Source: Blockware Solutions
Compare to 180-week exponential moving average 1 week chart. Source: Blockware Solutions
Bitcoin entity-adjusted NVT. Source: Uncharted
Bitcoin entity-adjusted dormancy flow vs. Bitcoin entity-adjusted dormancy. Source: Uncharted
Bitcoin Mayer Many. Source: Blockware Solutions