The post Bitcoin’s Key On-Chain Metrics Hold Strong Despite Fear Of ETF Pump Slowdown: Top Analysis Firm Reveals appeared first on Coinpedia Fintech News
There’s no doubt that bullish ETF news was the reason behind Bitcoin’s recent surge, sending its price above $35K. However, BTC price now faces a slight setback in maintaining its momentum following profit-taking sentiment among traders. According to on-chain data, Bitcoin shows robust health in key on-chain metrics, even as traders exhibit anxiety over the potential decline in ETF pump.
Buyers Remain Bullish Despite ETF Pump Slowdown
Even as the SEC’s official nod for a spot Bitcoin ETF hangs in the balance, investor interest hasn’t faded, with continued Bitcoin purchases in anticipation of a substantial market rally post-approval. If an ETF is approved, experts are forecasting a jump in BTC prices beyond the $40K threshold, potentially setting a new high for 2023.
Presently, the BTC market is experiencing a slowdown, triggered by whales offloading Bitcoin assets worth over $20 million, a move that followed a dip in Bitcoin’s value from $34K.
Despite this sell-off, the market didn’t experience a further downturn, due to a robust defense initiated by buyers at the crucial support levels….