Bitcoin

April

Time

While Bitcoin and the cryptocurrency market in general are witnessing a sharp correction, Bitfinex analysts said that on-chain data is giving a buy signal for BTC.
Stating that BTC gave a buy signal in the last Bitfinex Alpha report, analysts stated that this indicates a potentially attractive entry point for investors.
According to analysts, the MVRV ratio and open interest (OI) weighted funding rate signal an advantageous buying opportunity for BTC investors.
<blockquote>
 “The MVRV indicator has been declining since the beginning of April. A score above 3.5 indicates that the Bitcoin market is near a top, while a score below 1 indicates a bottom.
 As of April 26, the MVRV ratio has dropped 10.5% from its monthly peak to 2.21, indicating that BTC may currently be undervalued. “This can be interpreted as a buying signal for investors.”
</blockquote>
Secondly, analysts examining the OI-weighted funding rate stated that the OI rate moved to the positive zone on April 24 after falling into the negative zone the previous week.
At this point, Bitfinex analysts said that the transition from a negative funding rate to a positive funding rate indicates an increased interest in long Bitcoin positions and a change in market sentiment from bearish to bullish.
Bitcoin continues to trade at $60,930 at the time of writing.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/is-it-time-to-buy-the-bottom-in-bitcoin-bitfinex-analysts-announced/" rel="noopener noreferrer nofollow">Is It Time to Buy the Bottom in Bitcoin? Bitfinex Analysts Announced!</a>

Is It Time to Buy the Bottom in Bitcoin? Bitfinex Analysts Announced!

Bitcoin Sistemi EN

Other articles published on Apr 30, 2024

BlockDAG Announces Vesting Strategy After $21.6M Presale Amid Ethereum's Market Challenges and Un...

Hong Kong’s Bitcoin And Ethereum ETFs Start Trading For Eligible Investors

Ripple to Unlock 1Billion XRP on 1st May, Is XRP Price To Drop?

K9 Finance Unveils Mobile Staking App ‘Bone Crusher’ for Shiba Inu Ecosystem

Stablecoin Wars: Tether takes massive swipe at Ripple

Biggest WorldCoin Rival Powered by Polygon

Join our free newsletter for daily crypto updates!