Bitcoin Indicator That Signaled 10x Rally in 2017 Flashes Again
A Bitcoin trend indicator whose last appearance in 2017 had sent the prices 10 times higher appeared again this Wednesday morning. Dubbed as “Bitcoin MVRV Z-Score,” the indicator is nothing but a ratio of the difference between the cryptocurrency’s actual and realized market capitalization. Glassnode, the blockchain analysis platform that created the said metric, sees the score below zero as a sign of an undervalued Bitcoin. Meanwhile, anything above 7 indicates a market top—an overbought […]
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An on-chain indicator, notorious for spotting fake bullish breakouts during downside corrections, flashes again. A Bitcoin (BTC) on-chain indicator that spotted dead cat bounces during the yesteryear bearish market corrections has flashed again in August 2021.Dubbed as "Bitcoin: Short Term Holder NUPL," the indicator takes into account the unspent transaction output, or UTXO, of BTC transactions not more than 155 days old. In doing so, it attempts to determine whether or not an investor is profitable within 155 days of purchasing and holding Bitcoin.Therefore, if the NUPL, which stands for....
Bitcoin has plenty of room to rally, according to a fundamental analysis indicator that flagged the price bottom in March.
A widely traced technical indicator in the Bitcoin market is signaling bullish exhaustion as the cryptocurrency flirts with $60,000.
Most recently, the cryptocurrency rallied by more than 200 percent after MA7 topped out in March 2020. The results were similar in late 2019 and late 2018.
The price of Bitcoin has surpassed $14,700 on Nov. 5 as the steep uptrend coincides with several familiar metrics and on-chain data points seen in 2017. From November to December in 2017, the price of Bitcoin (BTC) experienced a parabolic uptrend to a new all-time high at $20,000.There are three reasons Bitcoin might see a similar trend in the upcoming months. First, the post-halving cycle is coming into effect. Second, the relative strength index (RSI) shows room for a bigger rally. Third, the rally is not overheated, at least in the derivatives market.Long-term RSI shows Bitcoin not....