Leading the cryptocurrency market bitcoin And EthereumAlthough it made investors smile in the first quarter of 2023, it has been continuing its horizontal movements for the last 60 days.
Although Bitcoin gained 60% in dollar terms in the period from January 1 to March 15, a crypto-lover who invested on March 15 made almost no profit. The same is true for its biggest competitor, Ethereum.
Although crypto prices seem to have stabilized, especially in the last week, some on-chain data is giving a bullish signal.
Stock Market Supply of Bitcoin and Ethereum Decreasing!
on-chain tracking platform Santiment has revealed historical data on both cryptocurrencies. According to Santiment’s share, Bitcoin and Ethereum supply on exchanges has dropped to historical lows.
After a similar situation in the summer of 2020, we witnessed an astronomical rally in cryptocurrencies. Analysts often interpret a decrease in a token’s stock market supply as a pre-bullish signal.
Because this situation reveals that the supply of Bitcoin waiting to be sold on exchanges is low.
Futures Market Expectations
According to data from market watcher Coinglass, bullish expectations are more dominant among investors who trade futures in Bitcoin and Ethereum.
Positive funding rates reveal that investors who open long trades are in the majority.
Especially in the current situation, the most important level for Bitcoin is $ 27,200. A 4-hour and daily close above this level will strengthen the bullish possibilities.
Bitcoin (BTC)
Ethereum (ETH)
When we look at the Ethereum side, it is seen that the most important resistance point is $ 1840. In the event that Bitcoin also moves up, ETH, which breaks this resistance point, can rise again to the levels of $ 1900.
The most important support is currently at $ 1780.
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