Bitcoin On-Chain Data Suggests Current Price Range Is a Buy

Recent events surrounding the rapid spread of COVID-19 to nearly every country on Earth and major markets reaction to the phenomena have crypto investors scratching their heads in bewilderment as the sector has never endured a global financial markets meltdown. 

The fact that Bitcoin (BTC) was born from a financial crisis but has yet to experience one raises the fear that the asset may perform poorly as traditional markets across the globe crumble. 

These fears are clearly weighing on investor sentiment and with the May 2020 halving event fast approaching many are wondering if the long-expected bull market, supposedly a byproduct of the Bitcoin halving, will be negatively impacted by the current downturn in traditional markets. 

Crypto market monthly price chart. Source: Coin360

Bullish investors relying on traditional technical analysis to assess Bitcoin’s price action will find the asset’s current performance less than satisfactory and the digital asset’s constant struggle…