Bitcoin’s golden days might return soon as exchange outflow continues to increase. Apart from MACD and CMF, most other market indicators and metrics were bullish.
However, the concerning factor was a bearish divergence, which was noted in BTC’s trading volume. BTC’s trading volume declined considerably while its price surged, which can cause trouble for BTC in the weeks to follow., Bitcoin’s exchange reserve was decreasing. BTC’s seven-day average net deposits on exchanges were also low.
These metrics indicated that the coin was not under selling pressure.’s taker buy-sell ratio revealed that buying sentiment was dominant in the derivatives market, which could be taken as a positive signal as it indicated higher accumulation. The King of Cryptos’ demand in the derivatives market was also decent. Its MVRV ratio, after declining sharply, showed signs of recovery by increasing slightly on 20 April.
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