CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
Bitcoinist 2025-01-17 23:30:06

Bitcoin Bull Market Is Alive And Kicking, Study Confirms

Many crypto investors are worried about Bitcoin’s uncertainty as the cryptocurrency experienced fluctuations in its price wherein traders saw it being traded above $100,000 and then went down below $90,000. However, a renowned crypto analytics platform asserted that the bull market being experienced by Bitcoin is not yet over, saying that it remains intact despite the ups and downs that the digital asset went through in the previous weeks. Bitcoin Remains In Bullish Territory A well-known digital asset analytics platform believes that Bitcoin is still within the bullish zone despite the price correction that the virtual coin experienced. Glassnode explained in their latest insight report the indicators that showed the firstborn cryptocurrency’s bull market continues. “Bitcoin has entered a correction phase and is trading 11.1% below its ATH of $108k. However, the spot price is still trading above several key support levels, suggesting the bullish market structure remains intact for now,” Glassnode said in the report. The crypto analytics platform noted that this circumstance is further compounded by the “relatively light levels of distress in the market” based on the small unrealized losses held by investors. The Scoring System The crypto think tank said that it used the optimized MVRV Z-score via a 1-year rolling window to gauge if the alpha coin is in the near-term bullish phase or the bearish market phase. “According to this model, we are also still within bullish territory, although the Short-Term Holder cost basis remains $88.4k is a key level to watch for maintaining constructive sentiment,” the crypto firm added. According to the crypto firm, MVRV gauges Bitcoin’s market value to the price at which the virtual coin was last moved to determine pricing extremes noting that the metric measures the number of standard deviations from its historical mean. When Does BTC Peak? In their insight report, Glassnode revealed that the cryptocurrency is likely to peak at 2 standard deviations above the mean and “remains bullish as long as it trades above the mean.” The crypto firm explained that once BTC is being traded below the mean and near 1.5 standard deviations below the mean, it is a cue that the coin is in the bearish phase. According to Glassnode, the mean MVRV Z-score is the $91,000 price point, saying that if the crypto goes 2 standard deviations above this price point, its price is $113,000 while if it goes 1.5 standard deviations below it, BTC will align with $75,000. Hence, the crypto think tank concluded the $99,000 per coin indicates that BTC is still in bullish territory. As of press time, Bitcoin is being traded at $102,242 per coin with a total market capitalization of over $2 trillion. Featured image from Techpoint Africa, chart from TradingView

Leggi la dichiarazione di non responsabilità : Tutti i contenuti forniti nel nostro sito Web, i siti con collegamento ipertestuale, le applicazioni associate, i forum, i blog, gli account dei social media e altre piattaforme ("Sito") sono solo per le vostre informazioni generali, procurati da fonti di terze parti. Non rilasciamo alcuna garanzia di alcun tipo in relazione al nostro contenuto, incluso ma non limitato a accuratezza e aggiornamento. Nessuna parte del contenuto che forniamo costituisce consulenza finanziaria, consulenza legale o qualsiasi altra forma di consulenza intesa per la vostra specifica dipendenza per qualsiasi scopo. Qualsiasi uso o affidamento sui nostri contenuti è esclusivamente a proprio rischio e discrezione. Devi condurre la tua ricerca, rivedere, analizzare e verificare i nostri contenuti prima di fare affidamento su di essi. Il trading è un'attività altamente rischiosa che può portare a perdite importanti, pertanto si prega di consultare il proprio consulente finanziario prima di prendere qualsiasi decisione. Nessun contenuto sul nostro sito è pensato per essere una sollecitazione o un'offerta