In accordance with the On-chain data, Bitcoin is making a base for recovery just like the asset did back in December 2018 and March 2020. The new report suggests that though BTC is still below a key moving average, signs of a rebound from this point have finally arrived. On-Chain Data Says Bitcoin Price May Rebound In the latest market update released on June 11, it was revealed by the trading suite Decentrader that three on-chain indicators are indicating a bullish pattern on the chart of BTC/USD. As it has already been witnessed that the price of BTC has failed to break through its 200-day moving average (DMA) and this is a matter of concern. In addition to this, the trading suite has released a warning along with the external factors such as geopolitical sentiment continues to put weight on sentiment. The update abridged: “Bitcoin has kept the market on its toes as it continues to range between weekly support at $32,000 and near term resistance of the 200DMA currently at $42,000.” Along with this, the update said: “Uncertainty after the recent crash and fears around President Biden’s announcement at the G7 Summit this coming weekend around how the US will tackle cryptocurrency in relation to recent ransomware attacks, are holding price down for now.” Signals of Bullish Patterns If the market aggregators are to be believed, the flagship cryptocurrency is going to repeat its history and hence will be bouncing back from its lows. The update explained: “We received the same signal yesterday, suggesting that $BTC price was oversold relative to active addresses on-chain and could now be ready to bounce back over the coming weeks.” Concluding their statement, Decentrader predicted that it is only a matter of few months when we will be able to see Bitcoin back on track.
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