BTC’s MVRV rests above 1, indicating that the market might have entered a bullish mid-term stage. Open Interest has been on a steady increase since the year started. The recent rally in Bitcoin’s [BTC] price in the last few weeks led to a sharp increase in the coin’s market-value-to-realized-value ratio (MVRV), which according to CryptoQuant […]
Open Interest has been on a steady increase since the year started.
Greatest Trader assessed BTC’s price historical performance in the last four cycles and found that the king coin’s MVRV fell below one during the bearish market phases, signifying that the coin was undervalued and a bear market bottom was in formation. Whenever the MVRV was pushed above one, “Bitcoin experienced a surge, and the bull market started,” Greatest Trader found.
Additionally, the coin’s on-balance volume has risen consistently since the year began. At press time, this was 515,034. An upward trend in OBV suggests that the volume of buying is greater than the volume of selling, which is typically a bullish signal for the asset’s price.
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