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

by Mike Robinson

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The bottom of the Bitcoin price signal could lie below $20K, according to on-chain data

Each investor wants to know if the market is near a bottom. But, the price action this week shows that it is not.

This can be seen in the Bitcoin monthly returns (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,” AccordingSubscribe to our most recent Blockware Solutions Market Intelligence Newsletter.

Monthly returns on Bitcoin Source: Blockware Solutions
Comparison of 180-week exponential Hull 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 Multi. Source: Blockware Solutions