Stop worrying about the Bitcoin 200-week moving average, says SwellCycle.
While these have so far not beaten previous bear markets, this is no reason to fear the worst, Superswell continued.
“From an on-chain perspective, this is business as usual *so far* for a macro bottom and bear market,” he wrote.An example came in the form of percent volume in profit — a chart showing what portion of transaction volume involved coins moving at a higher price than they did last time. Currently trending down, the metric needs to begin an uptrend — a series of higher swing lows and swing higher highs, which Superswell says would “confirm a macro reversal.”Bitcoin percent volume in profit annotated chart. Source: Superswell/ TwitterGlassnode itself meanwhile also targeted profit and loss, which superswell described as “*the* invisible hand” in the market, for macro cues this week.
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