Comparing Bitcoin’s current setup to on-chain data from the 2019 bull market suggests that BTC’s 2023 rally is either at a halfway point, or closing in on a local top.
. However, while prices increased, data suggests that many interested buyers were left on the sidelines.
Let’s look at the top five indicators to understand the current price dynamic relative to the 2019 bull run.Bitcoin’s price surpassed the 200-day moving average at $19,600, which could encourage paper traders looking to open a long position. Historically, this metric has acted as a bull-bear pivot line, with breakouts above it being bullish and vice versa.
Bitcoin's price surge in February 2023 saw the SSR oscillator spike toward levels not seen since 2019 and 2021. The indicator suggests that the positive trend might end soon. There is a slight chance of one last push higher toward the $30,000 psychological level., which caused a significant decline in its supply. It might have skewed the SSR oscillator to show overbought conditions.One of the biggest concerns of the current surge is the absence of whale buying.
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.
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