Bitcoin’s price entered a correction zone after peaking above $48,000 towards the end of March.
The pullbacks observed in the last few days have also registered strong recoveries, a sign that many wallets are holding on to their Bitcoin.
Bitcoin’s current price level is in a zone of uncertainty, and perhaps evaluating some of its on-chain metrics may help provide a clearer picture of where it is headed next.
Bitcoin’s circulating supply relative to the balance on all exchanges declined from mid-February to the start of March when it started rallying.
Furthermore, the supply relative to exchange balances hints at the lack of strong selling pressure and reflects the strong support in BTC’s price action.
With a Master’s degree focused on Mass Communication, Manisha is good at multitasking with an eye for detail.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.