Bitcoin is currently trying to have another go at the $28,000 level. Here’s what on-chain data says regarding whether a retest can be successful.
Bitcoin On-Chain Signals Are Not All Positive Right Now
In a new post on X, the on-chain analytics firm Santiment has looked into a couple of on-chain indicators that may provide some hints about whether BTC can sustain any bullish momentum currently or not.
The first metric of relevance is the “supply on exchanges,” which keeps track of the percentage of the total Bitcoin supply that’s currently sitting in the wallets of all centralized exchanges.
When the value of this metric decreases, it means that withdrawals are taking place on these platforms right now. Generally, investors take out their coins to self-custodial wallets whenever they intend to hold onto them for extended periods, so this kind of trend can have a bullish effect in the long term.
On the other hand, the reverse trend implies selling may be going in the market as h
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