Bitcoin’s long-term on-chain indicators are painting a positive picture for the price by reaching important support levels. This analysis based on on-chain data suggests that a potential bullish period may be starting for Bitcoin in the long term.
Monitoring fund flows in the crypto market is considered an important metric in understanding investor behavior. The latest data draws attention with the 7-day moving average (SMA) of the Fund Flow Ratio. The ratio started to show signs of recovery after touching the 0.05 level.
This critical level is historically known as a support line that signals the end of bear markets or halving events. A recovery at this level coincides with the beginning of bull markets, which have historically led to long-term increases in Bitcoin prices.
In addition, the Estimated Leverage Ratio, measured by the 30-day SMA, is also moving in a critical support range. This level, which remains between 0.15 and 0.175, has begun to show signs of recovery. In particular, the approval of futures ETFs in 2021 and the recent positive developments in Bitcoin options trading have a greater impact on this metric. Experts predict that this leverage ratio will continue to be an important factor in the market.
Another important piece of data is the 30-day exponential moving average (EMA) of the Binary Coin Days Destroyed (CDD) metric. This metric fluctuates between 0.1 and 0.3 and indicates that long-term Bitcoin holders are accumulating. Historically, a rise in this metric usually signals the end of bull markets, but the current level suggests that the accumulation period is ongoing and could have a positive impact on prices.
Experts who approach on-chain data with a long-term perspective believe that these support levels and current movements provide positive signals for Bitcoin’s future price performance. In particular, the return of investors to stock exchanges and the recovery in leverage rates may indicate that Bitcoin may once again enter a period of strong growth.
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