CandleFocus Bitcoin Warning Issued by Crypto Analyst Amid BTC Price Surge to $58,000
2024-09-12
Author: Content Editor
Bitcoin (BTC) reached a high of $58,487 in Thursday's trading session, but a prominent crypto analyst, Julio Moreno of CryptoQuant, has warned that the cryptocurrency remains bearish. Moreno stated that Bitcoin is still in a bear phase and has decoupled from gold as investors opt for risk-off mode. CryptoQuant's analysis also indicates that the Bull-Bear Market Cycle Indicator has been in a bear phase since August 27, making a significant rally unlikely. The MVRV ratio has also fallen below its 365-day moving average, suggesting the possibility of further price correction. Additionally, Bitcoin long-term holders (LTH) are spending at lower profit margins, indicating a lack of new demand for the cryptocurrency. Despite the bearish signs, BTC saw gains as U.S. equities rose and the Asian share market performed well.
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