Bitcoin Market Weekly Analysis - Feb 21 2024
What are On-chain Metrics and Fundamentals Saying About Bitcoin's Current Uptrend and Market Sentiment.
General Bitcoin Landscape
The past three weeks have been a whirlwind in the Bitcoin market. Our dashboard has noted a shift from 12 Bullish to a dominant 17 Bullish indicators, alongside a dip from 7 to just 3 Bearish signals. This turn of tides echoes the market's progression from the nascent stages of a bull run into a robust mid-cycle.
The On-Chain Dynamics
Bullish Sentiment is in the Air
The Realized HODL Ratio stands at a robust 2,817.97, a figure that captures the confidence of long-term investors as it surges with a 30-day change of 38.66%. A high percentile rank of 63.8% supports a bullish sentiment, suggesting that the steadfast HODLers may indeed know best.
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