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

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

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Source: Coin Telegraph

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

Bitcoin’s (

7-day MA of Bitcoin’s adjusted SOPR indicator. Source: glassnode

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.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Author: Nivesh Rustgi