Bitcoin on-chain data highlights key similarities between the 2019 and 2023 BTC price rally

Reviewing Bitcoin data from the 2019 bull market offers valuable insights on BTC’s current support levels and upside price targets.

Bitcoin’s (

Similarly, the price has moved above the average buying levels of both short and long-term holders, which is another signal of a potential trend reversal. This could be a sign that the market has reached a crucial turning point as the on-chain oscillators return to equilibrium. 

The metrics also hint that a potential bull trend appears likely while the price holds above support at $21,800, $20,800 and $19,600.

A weekly close above $25,100 could encourage derivatives and technical traders to buy into the current rally, but there are some warning signs that the market might be reaching overheated conditions and a quick correction toward lower support levels cannot be ruled out.

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