Bitcoin price is at a critical point as it trades around $29,000. A weekly candlestick close above $30,616 will create a new higher high, refueling the 2023 bull rally. But rejection around the $28,000 level that creates a lower high will add credence to the trend reversal scenario. d 91.50% year-to-date returns. While some investors question the uptrend, others remain bullish. Only a small majority remains uncertain and are waiting for confirmation regardless of which side wins.
BTC monthly, quarterly returns On-chain metrics suggest trend exhaustion While technicals might be reporting remnant momentum, on-chain metrics reveal potential correction. The 7-day and 30-day Market Value to Realized Value show that the recent uptick in Bitcoin price might have pushed these indicators into danger zones. This index is used to determine the average profit/loss of investors who purchased BTC over the past week and month. Currently, the 7-day MVRV sits at 3.
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