• Bitcoin is trading around $23,360 at the time of writing, about 2.4% up in the past 24 hours as cryptocurrencies flash green on Tuesday amid an improving market sentiment.
• Bitfinex analysts suggest that one of Bitcoin’s on-chain metrics flashing fresh upside momentum is likely the Supply in Profit indicator.
• Data shows bulls look to have successfully absorbed selling pressure as short-term and some long-term HODLers turn profitable and the Bitcoin Realised HODL (RHODL) Multiple has remained positive over a 90-day window.
Bitcoin Trades Above $23k Again
Bitcoin is trading around $23,360 at the time of writing, about 2.4% up in the past 24 hours as cryptocurrencies flash green on Tuesday amid an improving market sentiment.
Supply in Profit Indicator Suggests Buy Signal
Bitfinex analysts suggest that one of Bitcoin’s on-chain metrics flashing fresh upside momentum is likely the Supply in Profit indicator. Data shows bulls look to have successfully absorbed selling pressure as short-term and some long-term HODLers turn profitable.
Bulls Have Upper Hand In Spot Markets
As far as markets are concerned, it appears that bulls have an upper hand in the spot markets, which is historically reflective of „late bear and early bull markets“. The Bitcoin Realised HODL (RHODL) Multiple has also been in an uptrend and has remained positive over a 90-day window to suggest profitability for HODLers.
Metrics Provide Bullish Outlook For BTC
The above scenario suggests that while it doesn’t mean that the crypto market is set for an „up-only“ move, there does appear to be a strengthening bullish case for Bitcoin according to these metrics. This could provide a good buy signal for investors looking to get into BTC during this period.
On-Chain Metrics Flipping Bullish
It appears that on-chain metrics are ticking further north to suggest a strengthening bullish case for bitcoin with indicators such as Supply in Profit showing a 20% jump during January 2023 along with RHODL Multiple remaining positive over 90 days signalling profitability for HODLers overall providing a good buy signal for investors looking at BTC investment opportunities now
