Bitcoin price enters 'transitional phase' according to BTC on-chain analysis
BTC has struggled to overcome the $25,000 level, but on-chain analysis suggests that the pushback at the key price level is part of the transition out of the bear market. The hopeful optimism of Bitcoin (BTC) traders seemed to dissipate in the first week of March as key on-chain metrics provided resistance. Now Bitcoin price is threatening a retest of the $22,000 level and a wave of short sellers would stand to profit if that occurred. If the short sellers’ strike price hit, some analysts believe Bitcoin price could drop as low as $19,000. Bitcoin options by strike price. Source: Coinglass A handful of analysts still project BTC price to hit $25,000 in the short-term, on -chain data highlighting a few reasons for price resistance at higher levels. Realized price metric highlights profit-taking Market participants’ concern over the Federal Reserve’s interest rate hikes and high inflation are heavy macro headwinds facing Bitcoin price and this has investors weighing the time value of...