After ranging for 3 months and touching the $45,000 level resistance four times, Bitcoin gave a relief bounce. Bitcoin has finally come out of the range and broke the $45,000 level with a bullish candle close. During this range, the market was impacted by a lot of macro factors such as the Russia-Ukraine War, financial sanctions on Russia, which resulted in a high rise in prices of commodities and the FED also approved a 0.25 percentage point hike rate. After all of these factors played out, which were bad for the economy, Bitcoin stayed within the range and always showed strong price movement upwards after some relief in the market. Such strength shown by Bitcoin during such bad times is impressive. I have analyzed some charts below which are composed of On-chain data, Derivatives data and it will be interesting to see whether these charts are showing signs of bullishness or bearishness in the market. Insights gathered from these charts will be helpful to know the upcoming trend in the market. Please remember that this article aims to help you understand the current market scenario. Never invest more than you can afford to lose, and always do your own research before investing. Exchange Netflow For the past 2 months, Exchange Netflow has been mostly negative, despite the market being highly volatile amid the Russia-Ukraine war. It means more Bitcoins are going out of exchanges during these times despite such bearish macro co...
