BTC has been showing near-term signs of strength, especially after reclaiming the 200-moving average on the 4-hour chart and holding $47.2k, a key level of support.
What’s notable is that Bitcoin managed to hold support despite global stocks selling off with the dollar rising. Near term, BTC has managed to reclaim the critical 200-day moving average, 21-day, the 21-day exponential moving average, and the 200-moving average on the 4-hour chart. This is quite impressive considering that global stocks have been selling off.
Chart by TradingView
Strong Hands not Selling
The near-term positivity is likely from continuing strength in on-chain metrics particularly with strong hands holding large amounts of older coins while younger coins sell. The market is back in profit according to the adjusted SOPR metric – a positive signal as BTC was testing a break-even point in the 45k range earlier this week.
The open interest was flushed out on the day El Salvador adopted Bitcoin as legal tender
Źródło: https://cryptopotato.com/bitcoin-price-analysis-btc-approaching-50k-with-a-solid-weekend-rally/
