Bitcoin’s price movement has been impressive, but it has not been able to surpass the $64,000 mark in recent days, leaving investors wondering when it will rise again. Recent data shows a decline in BTC, with a decrease of over 2% in the last week, causing its price to drop below $64,000. Currently, it is trading at $63,843.66 with a market value of over $1.26 trillion.
As a result of this negative price movement, the overall sentiment surrounding Bitcoin has entered a downtrend. Social volume has also slightly decreased, indicating a decline in BTC’s popularity in the crypto space. Furthermore, an analysis using a significant BTC metric by Phi Deltalytics, a writer and analyst at CryptoQuant, has revealed an uncertain direction for short-term investors.
The analysis shows that Bitcoin’s adjusted output profit ratio (SOPR) continues to move upward, but the short-term SOPR has entered a zone of uncertainty. This inconsistency creates a complex environment where short-term investors may face losses. Additionally, Glassnode data analysis highlights an interesting development among short-term holders. BTC’s STH MVRV has dropped in recent weeks, indicating that Bitcoin’s current price is relatively lower compared to past transaction prices. This suggests high confidence in BTC, despite its low price at the time of writing, which could be seen as a bullish signal.
It is important to note that the information in this article should not be considered investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
