- An X user shared in a post that BTC’s on-chain behavior is reflecting a cyclical pattern.
- At press time, BTC was trading at $38,765.40 following a 24-hour gain of 1.76%.
- Technical indicators suggest that BTC’s price could rise to the key $40K resistance level.
An X user by the username NeuroInvest Research stated in a post earlier today that on-chain behavior for Bitcoin (BTC) reflects a cyclical pattern. According to the post, this pattern seems to be stimulated by external events the majority of the time.
The on-chain behavior of #Bitcoin reflects a cyclical pattern, often stimulated by exogenous events.The heatmap visualizes various measures of behaviour overtime, highlighting how coins are mobilized in response to environmental stimuli, or anticipation of future stimuli
pic.twitter.com/ldzQMYw6k6
— NeuroInvest Research (@Neuro__Invest) December 1, 2023
The X user went on to add that there have been pronounced spikes in BTC outflows recently. Alongside this uptick in outflows, there has also been a notable increase in on-chain liquidity.
Meanwhile, the market leader was changing hands at $38,765.40 at press time. This was after the cryptocurrency re…
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