Bitcoin Price Still Has Gas In The Tank


Navigating the stormy seas of the bitcoin markets can be a challenge. Luckily, Bitcoin uses a publicly available blockchain that contains valuable information about all transactions that were ever made on the network. By combining this on-chain data with other price and market data, bitcoin holders are more equipped to understand why its markets behave the way that they do, giving them tools to make more informed decisions or the confidence needed to keep sailing. This article is the fifth installment in a series of monthly market analyses that started out as a Twitter thread that was transformed into this article upon request.

This bitcoin market analysis looks at three overarching questions:

  1. Why did we dip (again)?
  2. Is there still demand?
  3. Is there still room for growth?

Before we dive into those questions, let’s first have a look at the price chart (figure 1). Bitcoin started the month strong, rallying to a new all-time high at ~$69,000 but then dropped to ~$47,000 (-27.56%), where it found a lot of confluence for support (e.g., a key Fibonacci level, a large volume in the UTXO realized price distribution and large whale inflows).




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