Cryptocurrency

Value

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin’s price has increased by nearly 5% since the last weekend, with on-chain metrics indicating a buy signal.</li> 
 <li>However, concerns over “artificial demand” and an overvalued Network Value to Transactions Ratio could potentially hinder the bullish trend.</li> 
</ul>  
<p>Bitcoin’s price has seen a near 5% rise since the previous weekend. The increase has been attributed to a buy signal from on-chain metrics, despite concerns about potential “artificial demand”.</p> 
<p>Since Saturday, 29th June, Bitcoin has gained 4.5% in value. The support zone, which dates back to 1st March, was retested and held up as support. Furthermore, the past three months’ price action range lows were also preserved.</p> 
<h2 id="technical-indicators-and-market-sentiment">Technical Indicators and Market Sentiment</h2> 
<p>At the time of writing, the $63.3k mid-range mark was acting as resistance. The technical indicators did not yet show a bullish reversal on the higher timeframes. However, the bearish sentiment from the past week and an uneven futures market suggested that liquidation levels to the north may be targeted.</p> 
<p>The reasons behind Bitcoin’s price surge are multifaceted. The metrics indicate a network-wide accumulation but also hint at potential issues.</p> 
<p>The 30-day MVRV ratio was negative, implying that short-term holders were not making profits. However, the mean coin age has been steadily increasing over the past six weeks, a positive sign. This indicates accumulation among holders and suggests that the asset is undervalued, signaling a short-term buying opportunity.</p> 
<h2 id="potential-obstacles-for-bitcoin">Potential Obstacles for Bitcoin</h2> 
<p>However, the Network Value to Transactions Ratio, based on circulation, indicated that Bitcoin was overvalued compared to the volume of BTC transacted on-chain daily. This could pose a challenge to the bulls, but the negative impact could be offset by the MVRV and mean coin age combination.</p> 
<p>The bulls managed to prevent the price from dropping below the $60k psychological support, thus the $55k liquidation cluster was not tested. If the price continues to rise, the $73k zone could be the next area of interest for traders.</p> 
<p>Julio Moreno, Head of Research at CryptoQuant, suggested in a tweet that Bitcoin miner capitulation was imminent and that prices might have reached a local bottom. Another crypto analyst, Axel Adler, noted that it was primarily the crypto exchanges buying up the Bitcoin sold in recent weeks, not the broader market.</p> 
<p>While this is not necessarily a negative development, Adler expressed concern that other holder groups were selling, and this artificial demand might not be sustainable in the long term.</p>

Bitcoin Rise: Has the Cryptocurrency Market Finally Reached its Bottom?

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