In the grand tapestry of the financial world, where the threads of fate intertwine with the loom of human folly, Bitcoin, the digital gold of our era, finds itself in a precarious dance with uncertainty. Glassnode, a sage of the cryptic realm, speaks of indicators and scores that would make even the most seasoned of traders scratch their bearded chins in contemplation.
The adjusted MVRV Z-Score, a mystical incantation in its own right, whispers of Bitcoin’s price holding near its mean level, a temporary bastion in the tempest. Yet, as the sage warns, should the price falter and fall below this line of equilibrium, the next defense lies at the $80,100 level, a number that sends shivers down the spines of bulls and bears alike. ππ
#Bitcoin’s adjusted MVRV Z-Score can be used to approximate areas of critical price support. So far price has held near the mean level of $96.3K. If prices break lower, the next major line of defense for bulls may be found at -1.5Ο level ($80.1K):
β glassnode (@glassnode) February 17, 2025
The Short-Term Holder cost basis, another enigmatic prophet of the crypto world, suggests a support at $92,200, a figure that has historically been a beacon of hope for the embattled uptrend. Yet, the specter of $71,000 looms large, a boundary that, if crossed, could unleash a torrent of selling that would make the bears rejoice. π»π
In this theater of the absurd, where numbers dance and fortunes are made and lost in the blink of an eye, the URPD volume profile reveals a chasm of liquidity below the current support. A veritable abyss that few coins have dared to traverse. The STH cost basis at $71,000 perches precariously at the edge of this void, a tightrope walker without a net. And yet, the $131,000 price bound teases us with the promise of Bitcoin’s ascent to the heavens, should it find the strength to break its earthly bonds. π
The Week Ahead: A Tapestry of Intrigue and Anticipation
As we peer into the crystal ball of the market, Bitcoin, the grande dame of cryptocurrencies, stands stoic, her price barely swaying in the last 24 hours. At the time of this chronicling, she trades at $96,744, a mere whisper away from the daily SMA 50, that celestial body which exerts its gravitational pull on the tides of trade. π
In the wings, the ghost of FTX, once a titan of the exchange world, now a cautionary tale, prepares to distribute alms to its creditors. A move that may well stir the waters of the market, causing ripples that could grow into waves. πΈπ
And let us not forget the oracle of the Federal Reserve, whose minutes from the January conclave will be scrutinized as if they were the Dead Sea Scrolls. The great Fed Chair Powell, a modern-day Merlin, has spoken, declaring that the bank will not be rushed into cutting rates, preferring to keep inflation in its cage. A statement that has the power to move markets and stir the hearts of investors everywhere. π§ββοΈπ°
So, dear reader, as we stand on the precipice of uncertainty, let us watch with bated breath as the drama of Bitcoin unfolds. Will it soar to new heights or plunge to depths unimaginable? Only time, the greatest storyteller of all, will tell. β³π
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2025-02-17 19:39