In the last trade week, Bitcoin produced a new price -rebound when the Prime Minister moved cryptocurrency to reclaim the $ 95,000 price region. Bullish Momentum, however, seems to have been stuck in the past day in the midst of a small retracement and continuous price consolidation.
In particular, speculation about Bitcoin’s ability to maintain the current upward trend also exist. Interestingly, the popular crypto analyst Burak Kesmeci has shed some light on possible developments that can decide the price movement of BTC in the near future.
Bitcoin MVRV is confronted with resistance at 365 SMA
In one X On Saturday, Kesmeci reports that the Bitcoin MVRV is now confronted with an important resistance in the 365-day simple advancing average (365SMA). The analyst explains that potential developments from this situation influence the future of Bitcoin in the medium term.
The Bitcoin MVRV ratio (market value for realized value) is an important measure of the chain that measures or Bitcoin trading price relatively overvalued or undervalued in comparison with the realized price. Technically, the MVRV is used to indicate profitability, but this metric can also identify market phases, such as a price at the top/bottom, or identifying the current price trend.
In the meantime, the MVRV 365SMA, which has produced an average of all MVRV ratios in the last 365 days, represents a critical threshold for reversal in the medium term. Usually, if the MVRV remains below 365SMA, it indicates a bearish market, while a crossover above 365SMA is interpreted as a bullish confirmation.
After recent market developments, Bitcoin’s MVRV is currently at 2.13, just under the 365SMA at 2.14. To confirm a long-term bullish market, despite recent profit, an upward crossover between the MVRV and its 365SMA must perform, which indicates a potential trend in the medium term after the long-term correction phase at the beginning of 2025.
Bitcoin -Network costs climb 42%
In other developments, on-chain Analytics company Intothlock report That Bitcoin network costs have risen by 42% in the past week. During this time, traders spent $ 4.03 million on transaction costs, which suggests that a high level of network involvement.
In the meantime, crypto -fairs also registered net recordings worth $ 356 million. Although this figure is much lower than the $ 1.3 billion reported in the previous week, this indicates that many investors still choose to retain their assets. Both the increase in network activity and continuing exchange outlets indicate a strong underlying demand and a positive sentiment in the Bitcoin market.
At the time of writing, Bitcoin continues to act at $ 94.233 after a decrease of 0.78% in the past day. On larger timetables, Premier Cryptocurrency remains in profit with a profit of 11.27% and 8.59% in the last seven and 30 days, respectively.
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