@BOMBERuss 30 April 2022 more from that month

#Bitcoin is below $40,000. Many traders expect a further fall, but not so Michael van de Poppe (Michaël van de Poppe). This well-known trader, who has almost 600 thousand subscribers on #Twitter, published an up-to-date video review in which he went beyond the limits of his usual technical analysis. He made a selection of network (on-chain) data indicating, in his opinion, the "inevitability of a bullish bitcoin rally." First of all, Van de Poppe drew attention to the shortage of #cryptocurrency supply, which is manifested in a decrease in the number of bitcoins on exchanges. Historically, this indicator shows an inverse correlation with the asset price, and at the moment bitcoin exchange deposits are rapidly falling. Another argument of a well-known trader is based on the negative correlation of the bitcoin exchange rate with the US dollar index (#DXY). At the moment, there is a significant strengthening of the dollar, however, despite this, bitcoin remains relatively stable. In addition, DXY has now approached the level of historical resistance, a pullback from which is able to launch a bitcoin #rally. Finally, Van de Poppe noted the fact that the #hashrate of the bitcoin #network is updating its historical highs. It is known that an increase in this indicator often portends an increase in the price of an asset.