Cryptocurrency News

A bullish Bitcoin trend reversal is a far-fetched idea, but this metric is screaming ‘buy’

08/24/2022

Less than a minute

2022.08.24 03:33

A bullish Bitcoin trend reversal is a far-fetched idea, but this metric is screaming ‘buy’

Bitcoin (BTC) price remains pinned below $22,000 as the lingering impact of the Aug. 19 sell-off at $25,200 continues to be felt across the market.

According to analysts from on-chain monitoring resource Glassnode, BTC’s tap at the $25,000 level was followed by “distribution” as profit-takers and short-term holders sold as price encountered a trendline resistance following a 23-consecutive-day uptrend that saw BTC trading above it’s realized price ($21,700).

08/24/2022

Less than a minute

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