Bitcoin

Bitcoin, the world’s largest cryptocurrency, has had trouble holding onto its value above $70,000, a key level it has tried to pass many times. As of press time, Bitcoin’s price sits at <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">$68,836</a>, only 0.02% higher than the day before. This suggests that Bitcoin needs more support to stay strong above $70,000, where the price has difficulty going higher.Analytical platform CryptoQuant expert CoinLupin explains that Bitcoin’s value can be understood using the MVRV ratio (Market Value to Realized Value) tool. This ratio helps people see if Bitcoin’s price is too high or low based on its actual, on-chain activity.Right now, Bitcoin’s <a href="https://cryptoquant.com/asset/btc/chart/market-indicator/mvrv-ratio?window&#61;DAY&amp;sma&#61;0&amp;ema&#61;0&amp;priceScale&#61;log&amp;metricScale&#61;log&amp;chartStyle&#61;line" rel="noopener noreferrer nofollow">MVRV ratio</a> is around 1.0, which means its market price is double what it would be based on on-chain activity. According to CoinLupin, this suggests Bitcoin’s price is in an upward trend, but it still has room to grow even higher.Related:<a href="https://cryptotale.org/mt-gox-moves-2-2b-btc-to-two-unknown-wallets-report/" rel="noopener noreferrer nofollow">https://cryptotale.org/mt-gox-moves-2-2b-btc-to-two-unknown-wallets-report/</a><a href="https://cryptotale.org/bitcoin-struggles-to-hold-70k-as-whale-activity-declines/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Bitcoin Struggles to Hold $70K as Whale Activity Declines

CryptoTale

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