Bitcoin’s MVRV Ratio Signals Potential Rebound Amid Market Uncertainty
The post Bitcoin’s MVRV Ratio Signals Potential Rebound Amid Market Uncertainty appeared on BitcoinEthereumNews.com.
Since February 2023, the Bitcoin MVRV Ratio has dipped below -8.40% on four occasions, each time triggering significant price jumps of 63%, 100%, 92%, and 28%. With Bitcoin currently priced under $60,000 and the MVRV Ratio at -8.96%, this might be an ideal time to buy the dip. Since February 2023, the #Bitcoin MVRV Ratio has dipped below -8.40% on four occasions, triggering $BTC price jumps of 63%, 100%, 92%, and 28%. Currently, with #BTC priced under $60,000 and the MVRV Ratio at -8.96%, this might be an ideal time to buy the dip! pic.twitter.com/mn9EzXdD5s — Ali (@ali_charts) June 24, 2024 The TD Sequential, a popular technical analysis tool, presents a buy signal on Bitcoin’s daily chart, predicting a rebound of one to four daily candlesticks for $BTC. If Bitcoin rebounds to $63,700, approximately $57.85 million will be liquidated across futures exchanges. $57.85 million will be liquidated across futures exchanges if #Bitcoin rebounds to $63,700! pic.twitter.com/lAwpC61USS — Ali (@ali_charts) June 24, 2024 The market sentiment, however, is currently bearish. The Bitcoin “Fear and Greed” index has dropped to its lowest level in 18 months as Bitcoin declined below $60,000. JUST IN: The #Bitcoin “Fear and Greed” index dropped to the lowest level in 18 months. pic.twitter.com/wqnYzaOQEA — Atomic – Crypto Wallet (@AtomicWallet) June 25, 2024 This sentiment shift coincides with significant moves by the German Government, which transferred 900 $BTC (approximately $54.75 million) in the past two hours. Out of this, 400 $BTC ($24.33 million) was transferred to major exchanges Kraken and Coinbase. Despite these transfers, the German Government still holds a substantial 46,359 $BTC (approximately $2.83 billion). The German Government’s wallets have transferred 900 $BTC($54.75M) out in the past 2 hours, of which 400 $BTC($24.33M) was transferred to #Kraken and #Coinbase. German Government currently holds 46,359 $BTC($2.83B). pic.twitter.com/WHVhC8iF4B —…
Filed under: News - @ June 26, 2024 2:24 am