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It’s a “good time to buy” Bitcoin, according to on-chain data resource Ecoinometrics, looking at key metrics and the long-term moving average of the cryptocurrency.
Tweeting an analysis and accompanying charts and take-aways, Ecoinometrics noted that this might be a good time for new investors to enter the market, or for current HODLers to add to their portfolios.
“When it comes to these strategies with asymmetric returns you have to be systematic.”
#Bitcoin isn’t very far from crossing above its 200 days moving average.
That’s a good time to buy:
• Historically this is a nice entry to ride parabolic moves.
• False breakouts typically lead to small losses.📈🧐👇 pic.twitter.com/LL5YeyNybc
— ecoinometrics (@ecoinometrics) March 29, 2022
Bitcoin price movements
At the time of writing, Bitcoin is looking at a strong start to the week despite a minor 0.72% decline in day-on-day trading. Over the past seven days, the cryptocurrency has gained a substantial 15.7% in its trading value, looking at the highest price since the beginning of the year.
Looking at the key moving averages, Bitcoin is looking strong, leading to positive sentiment in the market. While Bitcoin price has yet to pick a definite direction and could face a correction after a bullish week, the market and analysts are expressing optimism that a strong rally could be on the way.
As it stands, the next key metric to watch is the 200-day moving average (DMA) which is an integral metric in the Mayer Multiple, as used by Ecoinometrics, and measures when it might be a good time to buy into the market.
Macroeconomics a point of concern in crypto
In a more detailed analysis, the analyst took the current momentum of the cryptocurrency and compared it to the macro landscape. He noted that Bitcoin seems to be breaking out of this bottom range, which is good for the momentum of the coin. However, the macroeconomic landscape is strife with change and volatility with war and inflation slapping countries’ currencies across the world. Central banks across the globe are also looking to dig into regulation, making it difficult to predict how the market might turn. With global tension and sanctions, and growing regulatory pressure, Bitcoin is still widely considered a risk-on asset at the moment. Despite this, he concluded his report:
“So even though the macro backdrop isn’t looking good, this is a buy.”
Analyst Dylan LeClair added that the derivatives market has seemed to be losing its long-term speculation movement at the moment. In a Twitter thread, the analyst tucked into the derivatives market for the cryptocurrency industry and how it might be driving the market overall. Because of the “non-existent” speculation and flat funding rates in the derivatives markets, it’s unlikely that any long-term Bitcoin rally would be impacted by derivative trading.
Check out $BTC derivatives throughout 2021 when price was trading at this current level.
Excessive long biased derivative market speculation is near non-existent currently.
1/3 pic.twitter.com/6IY4ISksY2
— Dylan LeClair 🟠 (@DylanLeClair_) March 28, 2022