{"id":111135,"date":"2021-02-01T23:41:00","date_gmt":"2021-02-01T23:41:00","guid":{"rendered":"https:\/\/precoinnews.com\/?p=111135"},"modified":"2021-02-01T23:41:00","modified_gmt":"2021-02-01T23:41:00","slug":"this-on-chain-trend-suggests-bulls-are-about-to-regain-control-over-bitcoin","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/this-on-chain-trend-suggests-bulls-are-about-to-regain-control-over-bitcoin\/","title":{"rendered":"This On-Chain Trend Suggests Bulls are About to Regain Control Over Bitcoin"},"content":{"rendered":"<ul>\n<li>Bulls have been struggling to gain decisive control of Bitcoin throughout the past few days and weeks<\/li>\n<li>This has resulted in it being quite heavy, with each rally being aggressively sold into as bears aim to push it back down to $30,000<\/li>\n<li>Despite this, the crypto has been able to hold strong within the lower-$30,000 region, and every dip below $30k has been met with massive buy-side support<\/li>\n<li>There\u2019s a possibility that this support is coming from institutional buyers<\/li>\n<li>One trader is now noting that one on-chain trend does seem to indicate that upside could be imminent in the near-term<\/li>\n<li>The balance of BTC being held on exchanges has been plummeting and is the lowest it has been since the macro bottom in December of 2018<\/li>\n<\/ul>\n<p>Bitcoin has been struggling to gain momentum in either direction, but the aggressive selling into every attempted pump suggests that bears may currently have an edge over it.<\/p>\n<p>The crypto\u2019s slight weakness at the moment has not been enough to spark any prolonged downtrend, however, and many analysts remain bullish in the short and mid-term.<\/p>\n<p>On-chain data supports this sentiment, as the spot reserves of BTC on exchanges have been dropping rapidly throughout the past couple of weeks.<\/p>\n<h2><strong>Bitcoin Struggles to Gain Momentum as Consolidation Persists<\/strong><\/h2>\n<p>At the time of writing, Bitcoin is trading up just over 2% at its current price of $33,850, which marks a notable decline from its recent highs of nearly $35,000 that were set overnight.<\/p>\n<p>This rally may have come about due to Elon Musk\u2019s appearance on Clubhouse last night, which led many to speculate that he would discuss Bitcoin and maybe make a big announcement surrounding it.<\/p>\n<p>He did note that he believes BTC is on the cusp of gaining mainstream adoption, but he didn\u2019t announce that he has purchased any.<\/p>\n<h2><strong>This On-Chain Trend is Greatly Favoring Bulls<\/strong><\/h2>\n<p>One analyst pointed to the balance of spot Bitcoin on exchanges as a bullish trend that seems to favor imminent upside.<\/p>\n<p>He noted that global BTC spot reserves are now at the lowest since the macro bottom in December of 2018.<\/p>\n<blockquote>\n<p>\u201cSpot reserves dropped pretty hard yesterday (which is bullish). Global $BTC spot reserves are now at its lowest point since the macro bottom in December 2018.\u201d<\/p>\n<\/blockquote>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/bitcoinist.com\/wp-content\/uploads\/2021\/02\/EtJMfMqWMAYDr-a-980x367.png\"><\/p>\n<pre>Image Courtesy of Byzantine General. Source: BTCUSD on TradingView\u00a0\/ CryptoQuant<\/pre>\n<p>Unless Bitcoin breaks below any key technical levels in the mid-term, its present consolidation phase will likely result in the crypto seeing an upwards expansion in the near-term.<\/p>\n<pre>Featured image from Unsplash.\nCharts from TradingView.<\/pre>\n<p>Source: <a href=\"https:\/\/bitcoinist.com\/this-on-chain-trend-suggests-bulls-are-about-to-regain-control-over-bitcoin\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bulls have been struggling to gain decisive<\/p>\n","protected":false},"author":3,"featured_media":111134,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>This On-Chain Trend Suggests Bulls are About to Regain Control Over Bitcoin - 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