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On-Chain Metrics: The Green and Red Signals to Watch for Bitcoin (BTC)

The world’s largest cryptocurrency Bitcoin (BTC) continues to remain under pressure after losing the $40,000 support last Saturday. In a further price correction, the BTC price took a dive under $38,000 before recovering back again.
While the bitcoin price remains highly volatile, we are looking at some of the on-chain metrics that can help decide on the future price action. Citing data from Glassnode, crypto enthusiast Ali Martinez points out some entity-adjusted dormancy flow for Bitcoin. He writes:
Entity-Adjusted Dormancy Flow shows that old hands have significantly reduced their $BTC spending behavior. A dormancy value of 250K or lower, suggests #BTC is a good historical buy zone. Since Jan. 06, #Bitcoin dormancy value dropped below 250K and currently sits at 228K.
Courtesy: Glassnode
However, it won’t be an easy path for Bitcoin on the road to recovery. It will have to break past some crucial resistances on its way to surge past crucial resistance of $40,000 and more.
The Dow

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