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Bitcoin Rally Healthy, Less Leverage Than in the Past, Say On-Chain Analysts
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The current bitcoin (BTC) rally looks healthy, with less leverage than on previous occasions, and strong support in the USD 50,000 to USD 60,000 range, on-chain analysis suggests.
Although the current crypto market rally - which has now pushed bitcoin above the USD 68,000 mark and ethereum (ETH) above USD 4,800 - has already gotten the community excited, both on-chain signals and technical analysis suggest that the prices still have room to grow.
According to the popular bitcoin on-chain analyst Willy Woo, there is “huge price validation” in the USD 50,000 to USD 60,000 range, with the analyst further saying that bitcoin has “cemented” its position as a USD 1trn asset class.
“Hard to see it dropping below this zone,” Woo said.
And while he
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