Bitcoin MVRV At Critical Breakout Point – Is A Price Rally Imminent?
Bitcoin rebounded to the $95,000 price region but experienced a minor retracement and consolidation recently. Speculation exists regarding Bitcoin's ability to maintain its uptrend. Analyst Burak Kesmeci noted that Bitcoin's MVRV is facing resistance at the 365-day simple moving average (365SMA), which is crucial for determining mid-term price movements. The MVRV ratio, currently at 2.13, is slightly below the 365SMA of 2.14. A crossover above this threshold is needed for a long-term bullish confirmation. Additionally, Bitcoin network fees increased by 42% in the past week, with $4.03 million spent on transaction fees, indicating high network engagement. Crypto exchanges reported net withdrawals of $356 million, reflecting ongoing investor confidence. Bitcoin trades at $94,233, down 0.78% in the last day but up 11.27% and 8.59% over the past week and month, respectively.
