Onchain analysis by Willy Woo suggests that Bitcoin has established a firm footing above the $30,000 level.
Key Findings
- Bitcoin’s price has been consolidating around $30,000 for the past few months.
- Onchain metrics indicate that there is strong support for Bitcoin at this level.
- Woo believes that Bitcoin is likely to continue trading above $30,000 in the coming months.
Explanation of Onchain Metrics
Woo’s Analysis
Woo’s analysis focused on the number of active addresses and the number of transactions on the Bitcoin network. He found that both of these metrics have been increasing in recent months.
Woo also found that the number of Bitcoin wallets that hold more than 1,000 BTC has increased in recent months. This is a sign that institutional investors are becoming more interested in Bitcoin.
Conclusion
Woo’s analysis suggests that Bitcoin has established a firm footing above the $30,000 level. He believes that Bitcoin is likely to continue trading above this level in the coming months.
The increasing number of active addresses, transactions, and institutional investors is all evidence of Bitcoin’s growing popularity and adoption.
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