Bitcoin analysts have argued Bitcoin remains in a bullish market, as the price briefly rose to more than $112,000 after a period of extreme volatility.
BitcoinBTCAnalysts said that investors are hesitant to buy the stock. showing signs of exhaustionThe sudden fall in its price last week led to two significant liquidation events on the entire crypto market.
Bitcoin reached a 24 hour high of $112 293 early on Monday. It was the first time that Bitcoin had exceeded $112,000 since Thursday’s sharp fall. It’s currently at $111,835, according CoinGecko.
Bull market “not over” Bitcoin
Crypto investment company XWIN Research Japan stated in a report by CryptoQuant note Sunday is a day of rest “while recent volatility has unsettled traders, on-chain data continues to suggest that Bitcoin’s bull market is not over.”
I said it long-term holder The behavior of Bitcoin and its Market Value to Actual Value (MVRV), which compares the market price to average costs basis for holders, show “resilience beneath the surface.”
“Bitcoin’s recent pullbacks appear less like the end of a rally and more like a period of digestion,” XWIN is now added.
XWIN stated that Bitcoin’s average cost base has fallen to half its value, with Bitcoin’s ratio MVRV dropping from 2 to 2. “reflects neither panic nor euphoria.”
“Investors are still sitting on healthy gains, yet the market has cooled from overheated conditions,” Bitcoin has entered previous cycles, it was explained. “its strongest expansion phase” After consolidating this MVRV line.
XWIN has said that profit-taking among long-term investors is down. “effectively reduces available supply, offsetting short-term volatility and creating the conditions for renewed demand to lift prices higher.”
XWIN stated that the two metrics shows that “this cycle has not reached its terminal stage,” Addition to the consolidation “could mark the groundwork for the next major leg upward—suggesting the bull market is alive and well.”
Crypto-longs decimated as Bitcoin falls
Bitcoin recovers after cryptocurrency bulls Two major liquidations over the last week wiped away more than $4 billion.
CoinGlass reports that the initial major liquidation occurred on Monday, September 22. Bitcoin declined 3%, to $112,000 or below, and the other crypto markets fell with it. data.
The market was again affected by the drop of Bitcoin to $109,000 on Thursday.
Related: Expect major BTC corrections before new all-time highs: Analyst
Bitcoin was the largest liquidation on 22 September, with longs of $726 millions being cancelled. Ether (ETHOn Thursday, $413 Million was lost on long bets.
Bitcoin sentiments rise to “Neutral”
Meanwhile, the sentiment tracking Crypto Fear & Greed Index has risen to reflect that the market is “Neutral” The first time in a long while since the Friday 19th of September, I am recovering from an illness. “Fear.”
It rose 13 points since Sunday to 50.
This continues the upward trend that has been enjoyed by the index since it dropped to a score 28 on Friday. It was its lowest point since mid-April, when Bitcoin fell to $80,000.
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Source: cointelegraph.com
