Bitcoin inched towards $18,500 on Tuesday night. A sell-off occurred, and the cryptocurrency lost its support base of $18,000 in the early Wednesday hours. But ahead of the US session, it managed to secure the $18,000-support all over again.
The seesaw intraday price move in the Bitcoin market shows that bulls are in full control. Any attempt to mass short the cryptocurrency’s local tops are getting outnumbered by an increasing buying hysteria. As a result, the BTC/USD exchange rate is sustaining its short-term bullish bias as it attempts to retest its all-time high near $20,000.
Independent market analyst Cole Garner stated in a Wednesday tweet that Bitcoin is far from topping out. He cited three on-chain metrics that show why the cryptocurrency’s parabolic rally will likely go higher in the coming sessions.
#1 Exchanges’ Balances
Data fetched by Glassnode, an on-chain analytics firm, shows that the Bitcoin balances on all the cryptocurrency exchanges are declining rapidly against the rising