3 Major Metrics Suggesting Bitcoin Is on Strong Support as BTC Aims at Upward Move – U.Today

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Jurrien Timmer, the director of global macro at Fidelity has provided many metrics about the current place of Bitcoin on the market and its potential for a reversal. According to Timmer, Bitcoin, as a store of value, sits on a historic support level.
As Timmer has mentioned, the BTC to Gold ratio could be used as a “barometer” for the asset, which is ‌becoming a modern or digital version of the traditional store of value type of asset, which Gold has been for decades.
An update on Bitcoin: Let’s take a look at my favorite metrics to see where things stand after last week’s sell-off. /THREAD pic.twitter.com/3mSpgb0dB5
According to the chart, the ratio stays on a major support after retracing from a local top. The ratio has successfully held through the selling pressure on both Gold and Bitcoin and is now merging.
Another on-chain metric that is used for determining whether Bitcoin is mainly held by “weak” or “strong” hands remains at the lowest point since the bottoms of 2014 and 2018, suggesting that older coins remain unspent and “younger” ones have already been redistributed.

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The metric correlates with an assumption of Bitcoin entering an accumulation phase after a major correction between May 4 and 11.
Despite the 60% decline in Bitcoin, long-term holders are not even close to capitulating or dropping their assets as the metric tracking the number of “old” investors remains at 13% for more than a year.
The compilation of the abovementioned metrics and indicators puts Bitcoin in a delightful spot, according to a Fidelity analyst. Timmer believes that Bitcoin is highly undervalued besides staying at the major support, according to both on-chain and technical indicators and metrics.

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.
Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.
Disclaimer: Any financial and market information given on U.Today is written for informational purpose only. Conduct your own research by contacting financial experts before making any investment decisions.