Rumors about Bitcoin (BTC) losing its value are going around, but certain indicators like on-chain data show that buy-in at the current time could prove to be beneficial
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For the past few months, Bitcoin has been seeing a steady decline in value, hitting a new 2022 low of $17,600 in June. The current bear market has proven tough for investors to deal with.
Many experts are predicting the demise of the King coin with the ‘Bitcoin is dead’ predictions rife again, but the latest indicators and signals may prove these predictions a hoax call.
Regular BTC users have quite a few indicators and on-chain metrics at hand to determine whether BTC is in a buy zone, and it's time to take a closer look at them. Let us look at what these metrics suggest now and if 2021 was Bitcoin's last epic moment.
Some Bitcoin traders only purchase 200-week moving average (MA) bounces, and this has historically worked as a strong level of support, as illustrated in the chart below from market analyst Rekt Capital. The lows established in prior bear markets have occurred in locations near the 200-MA, which has effectively served as a major support level, as represented by the green circles.