CandleFocus Bitcoin Records Crucial Bullish Signal as It Reclaims $66K
2024-09-27
Author: Content Editor
The Bitcoin market value to realized value (MVRV) has shown a bullish signal, according to CryptoQuant analyst Burak Kesmeci. This metric compares the market value of Bitcoin to its realized value, which is the value of all coins in circulation based on their last on-chain transaction price. Historical data suggests that Bitcoin tends to rally when MVRV surpasses its 365-day moving average, which is the case now with MVRV at 2.04 and SMA 365 at 2.02. This is seen as a strong bullish sign, indicating potential price increases. Bitcoin reached an intraday high of $66,439 but has since dropped to $65,882, still showing a 1.1% increase over the past 24 hours. Despite expectations of a bad month for cryptocurrency, Bitcoin is on track for its best September, up by 11.5%. It would need to gain more than 10% to reach its all-time high achieved in March.
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