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Bitcoin’s (BTC) price is currently on an upward momentum, and there is a chance the crypto asset could surge higher, according to on-chain data. 
A<a href="https://cryptoquant.com/insights/quicktake/66f0e6b342286374a37c0916-Long-Term-On-Chain-Support-Levels-Signal-a-Positive-Outlook-for-Bitcoin" data-wpel-link="external" target="_blank"> report</a> from the pseudonymous CryptoQuant analyst Avocado revealed that several on-chain support levels suggest a positive turning point for BTC in the long term, indicating that the cryptocurrency is still in its bull season. 
<h2 id="positive-outlook-for-bitcoin">Positive Outlook for Bitcoin</h2> 
Avocado said these on-chain data points have reached their average support levels, and coupled with recent price movements, these metrics signal positive sentiment from a long-term standpoint. 
One of the metrics is the seven-day Simple Moving Average (SMA) of Bitcoin’s Fund Flow Ratio, which suggests that BTC investors have begun to trade on exchanges again. The metric has slumped to 0.05, a level that serves as a major support when the ratio stops declining, and is now slightly rebounding. 
Avocado said the recovery historically occurs at the end of a bear market or halving event and at the onset of a bull phase. It usually leads to substantial long-term rallies in bitcoin’s price. 
The second metric is the 30-day SMA of Bitcoin’s Estimated Leverage Ratio, which is currently showing signs of recovery and has formed a critical support range between 0.15 and 0.175. 
<blockquote>
 “With the approval of futures ETFs after 2021 and the recent positive news regarding Bitcoin options trading, I believe the influence of this metric will continue to grow,” Avocado stated.
</blockquote> 
The analyst further highlighted the 30-day Exponential Moving Average (EMA) of Bitcoin’s Binary Coin Days Destroyed (CDD), which is currently hovering between 0.1 and 0.3. This indicates that long-term holders are accumulating BTC. According to Avocado, a significant increase in the value of this metric often signals the end of a bull market. 
<h2 id="bitcoin-up-7-5-weekly">Bitcoin Up 7.5% Weekly</h2> 
Avocado’s analysis comes as BTC records a 7.5% surge in the past week, triggered by the Federal Reserve reducing its interest rate by 50 basis points. The Fed’s move <a href="https://cryptopotato.com/this-is-why-bitcoin-recently-surged-above-64k-can-it-go-higher-bitfinex/" data-wpel-link="internal">increased</a> cash flow in the U.S. and intensified activities in bitcoin’s futures and perpetual markets, giving room for a surge in open interest and, subsequently, an increase in the asset’s value. 
According to <a href="https://coinmarketcap.com/currencies/bitcoin/" data-wpel-link="external" target="_blank">data</a> from CoinMarketCap, BTC was worth $63,500 at the time of writing, having recorded a slight increase in the past 24 hours. 
The post <a href="https://cryptopotato.com/bitcoin-price-to-keep-rising-according-to-these-on-chain-support-levels/" rel="nofollow">Bitcoin Price to Keep Rising, According to These On-Chain Support Levels</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Bitcoin Price to Keep Rising, According to These On-Chain Support Levels

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