Courtesy: Glassnode
BTC/USD Daily Chart
Although for now, there is a cautious approach towards Bitcoin trading several counter-arguments are tilting in favor of Bitcoin bulls.
He tweeted:
That’s confirmation! #Bitcoin 1D chart in a 1Y period. Riding that 20 days moving average. Yesterday the price tested it again. One day after – a hammer candlestick has been thrown up at the bottom of the recent bearish move Hammer reversal imminent! Hundred points symbol.
Also, there appears to be good news in regards to institutional accumulation. Ki-Young Ju, the CEO of CryptoQuant, noted that the quantity of BTC in exchange wallets has continued its decline — a sign he believes points to continued institutional demand.
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