Why is Bitcoin going up? Is the BTC market bottom finally behind us?

The $55k liquidation cluster was not tested as the bulls halted the price from falling below the $60k psychological support.has gained 4.5% since Saturday, the 29th of June. In doing so, the support zone that stretched back to the 1st of March was retested and defended as support. Additionally, the range lows of the past three months’ price action were also saved.At press time, the mid-range mark at $63.3k served as resistance.

However, in the lower timeframes, the bearish sentiment of the past week and the lopsided futures market meant that liquidation levels to the north might be hunted. The question of why Bitcoin is going up is partially answered there, but there are other factors at play too. Will the bulls drive prices higher?The 30-day MVRV ratio was negative, meaning that short-term holders were out of the money. However, in the past six weeks, the mean coin age has firmly trended higher. This was a positive combination.

It indicated accumulation amongst holders while also signaling an undervalued asset. Together, it marks a short-term buying opportunity. This could set up a rally for the king of crypto. However, the Network Value to Transactions Ratio, calculated here based on circulation, showed that Bitcoin was overvalued when compared to the amount of BTC transacted on-chain daily.The $55k liquidation cluster was not tested as the bulls halted the price from falling below the $60k psychological support. Not every zone of high liquidity needs to be tested. If the price continues to climb higher, the $73k zone is the next area of interest for traders.

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bitcoin: Why a correction below $60k could be good news for BTC bullsBitcoin daily RSI jumped above 30, signaling a recovery, but liquidation heatmap data revealed that bears could force more losses soon.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Bitcoin: Why you shouldn’t be “overly excited or scared” by BTC’s swingsPompliano highlights that Bitcoin is up 40% YTD and is up 100% in the last year so in terms of volatility, citing expected volatility.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Bitcoin: Why the second phase of BTC’s bull run is almost hereSince Bitcoin [BTC] failed to revisit the all-time high it reached in March, there has been speculation that the bull run is over. However,
Source: CryptoAmb - 🏆 22. / 68 Read more »

Bitcoin price prediction: Why a BTC rally might be delayedThe Bitcoin price prediction for June was bullish but the market was inert after the attempted breakout past $70k.
Source: CryptoAmb - 🏆 22. / 68 Read more »

$500K Bitcoin forecast: Analyst maps out BTC’s bull run timelineBitcoin [BTC] continues to hold the spotlight, especially following the recent market consolidations.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Bitcoin on the brink: Could we see a soar to $79K soon?Bitcoin [BTC] remains at the forefront of many discussions and analyses.
Source: CryptoAmb - 🏆 22. / 68 Read more »