As a seasoned crypto investor with several years of experience under my belt, I’ve learned to keep a close eye on market indicators and trends that could potentially impact Bitcoin’s price movements. The latest MVRV ratio update from CryptoQuant has piqued my interest, as it suggests that the current market conditions might be setting the stage for a potential price rebound.
Based on the analysis of CryptoQuant, the MVRV (Moving Average Value) indicator for Bitcoin suggests that a price rebound could be imminent.
A recent analysis by CryptoQuant revealed that keeping an eye on the Market Value to Realized Value (MVRV) ratio is a useful strategy for investors. This metric can assist in evaluating whether the present market situation aligns with past cryptocurrency market tendencies.
“The MVRV value is presently at approximately 2.1, aiming to disrupt the ongoing downtrend. Should it succeed in doing so, we might witness significant price surges following a retest, reminiscent of past market trends.” – Tugba Chaine’s perspective
[Link]
— CryptoQuant.com (@cryptoquant_com) July 19, 2024
When an MVRV ratio reaches 3.7, it signifies past peak levels, whereas a ratio of 1 or lower indicates lows in Bitcoin‘s history. At present, Bitcoin’s MVRV hovers around 2.1, trying to surpass a downtrend. Should it manage to do so, a significant price surge following a retest could be expected, reminiscent of past market cycles.
At the time of writing, BTC was down 0.84% in the last 24 hours to $64,396.
Critical levels to watch
On July 17, Bitcoin surpassed $66,000 but later dipped below this mark and hovered around $65,000 for the majority of July 18. Market experts consider $65,000 a significant barrier to further price increase.
In the short term, Bitcoin’s price is anticipated to increase further if it surpasses the $65,000 mark.
Should this event transpire, Bitcoin could potentially target a price of $66,000. If it manages to surpass that level, Bitcoin may then strive towards reaching its previous record high close to $74,000.
In the event of price declines, Bitcoin seems to be establishing support near the $63,000 level.
The price support offered by Bitcoin (BTC) at roughly $62,700 from the 200-day Simple Moving Averages (SMAs) is near the region where approximately 1.7 million addresses collectively purchased around 840,920 BTC in the past. Should demand surge from this area during a potential price decline, Bitcoin’s value could experience an upward push.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- Profit from the Dip: Hong Kong To Debut Asia’s First Inverse Bitcoin ETF — Here’s When
- US Govt Dumps $4M In Bitcoin Again, Another BTC Selloff Ahead?
- Bitwise Ether ETF Reveals 10% Profit Donation To Ethereum Developers
- USD PHP PREDICTION
- Breaking: Spot Ethereum ETF Trading Affirmed by US SEC
2024-07-19 17:52