Bitcoin technical and on-chain data point to a much “bigger move” for BTC now that key price metrics have “reset.”
Bitcoin’s (BTC) price strived to hold above $70,000 on May 22 as Glassnode analysts suggested that the pioneer cryptocurrency is preparing for a “bigger move” to the upside.
Data from Cointelegraph Markets Pro and TradingView show that Bitcoin’s price has been steadily ascending after an extended downtrend from all-time highs. During this drawdown, BTC markets experienced periods of intense distributive pressure, which pulled its price to a low of $56,500 on May 1, the lowest since March 5.
Recent reporting from Glassnode notes that Bitcoin’s recent recovery to $71,000 is due to slowing sell-side pressure and “compression of volatility,” even as most key on-chain metrics tend toward an equilibrium.
