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Bitcoin Is Down 5% Today, but Blockchain Data are Bullish


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Analysts and on-chain data firm Glassnode find positive Bitcoin indicators despite today’s modest price pullback.

Key points

  • Bitcoin is trading down today.
  • On-chain metrics suggest a bullish use case for Bitcoin going forward.

According to CoinMarketCap, at the time of writing, the price of Bitcoin (BTC) is down 5.5% this morning. Today’s strong jobs report could be stoking concerns that the Federal Reserve will be more likely to increase interest rates to slow inflation when it meets in mid-March.

Despite this modest pullback, other data suggest positive upside trends for Bitcoin.

High transfer volume between Bitcoin wallets

Some analysts believe that Bitcoin continues to prove itself as a strong store of value versus other assets. A few days ago, the cryptocurrency traded at a…

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