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3 Charts Show Why Bitcoin Price is Poised to Explode Further Higher

Bitcoin looks poised to reach fresh price highs according to a flurry of crucial on-chain indicators.
Analyst Willy Woo listed signals that showed an uptick in bitcoin trading activities across the US cryptocurrency exchanges. For instance, a metric that measures the total available BTC balance on trading platforms alerted an ongoing decline in reserves. It showed that traders constantly turned into long-term bitcoin holders, thus creating a supply shock in the market.
Bitcoin balance on exchanges. Source: Glassnode
Meanwhile, a subset of the same indicator showed the so-called “weak hands” transferring their bitcoin ownerships to “strong hands.”
The activity illustrated the absorption of selling pressure. Traders with short-term risk appetite decided to secure their profits much earlier in the bull run. Meanwhile, those with a long-term investment setup decided to buy bitcoin at its local highs and lows, counterbalancing the bearish bias with accumulative actions.
“This is insanely bullish of course,” said Mr. Woo, pointing to the chat below. “Strong hands have been buying every dip which has been driving price steeply upwards since Q4 2020. Red bars track the number of coins moving from weak hands to strong hands each day.”
Bitcoin: Liquid Supply Change. Source: Glassnode
The M2 Supply
Institutional accumulation of Bitcoin tokens began against the backdrop of monetary inflation.
Governments, companies, and households raised $24 trillion last year to offset the coronavirus pandemic’s economic toll. It pushed the global debt up to $281 trillion by the end of 2020, which made up to 355 percent of the global gross domestic …
Story continues on Bitcoinist

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