Despite the heavy outflows, Bitcoin still managed to promptly recover above $20,000. The recovery demonstrated Bitcoin’s strength despite being stress tested against highly volatile and unfavourable market conditions. Could this outcome be a sign that the market is ready for a bigger recovery? A look at some metrics may help provide a clearer picture of BTC’s current position. For example, addresses holding more than 100 BTC have drastically reduced their selloff. The number of such addresses increased substantially since mid-June, thus supporting Bitcoin’s bullish performance. Despite the heavy outflows, Bitcoin still managed to promptly recover above $20,000. The recovery demonstrated Bitcoin’s strength despite being stress tested against highly volatile and unfavourable market conditions. Could this outcome be a sign that the market is ready for a bigger recovery? A look at some metrics may help provide a clearer picture of BTC’s current position.
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