On-Chain Signal Predicts That Bitcoin’s Next Move Will Be Upward.
Bitcoin Prediction in the Positive mark spot after gladiator win over other crypto coins. As many analysts predicted, Bitcoin was cleanly rejected in the low-$11,000s on Wednesday due to a cluster of resistance in that region. $11,000 is a price point that BTC bounced off multiple times during last month’s consolidation. Critical on-chain data, though, predicts that the leading cryptocurrency is poised to move higher in the medium term. This adds to the bullish long-term perspective imposed by other on-chain data points. MPL, as it’s better known, is an on-chain indicator that tracks the profitability and losses of active cryptocurrency investors. When the green line is at high levels, it suggests that most people are in profit, increasing the risk they sell. When the red line is high, it may suggest that capitulation has taken place, making ita potential buyer’s market. The MPL, as per the chart from WhaleMap, just formed a bullish cross with the...