CandleFocus Bitcoin Recovery: Has BTC Prevented A Fall To $41,000 With This Surge?
2024-09-11
Author: Content Editor
Bitcoin has experienced a recovery in the last 24 hours, bouncing back from a recent plunge and reaching a price of $57,000. This recovery has helped the cryptocurrency gain distance from an important pricing level in the MVRV Extreme Deviation Pricing Bands model. The model, based on the MVRV ratio, measures the market value of Bitcoin compared to the value investors have put into the asset. If the ratio is greater than 1, investors are in a state of net profit, while a value under the threshold indicates market losses. Bitcoin was at risk of facing a correction to a level of $41,100, but the recent recovery has potentially prevented this deep fall. The next potential resistance level is around $67,400.
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