In recent days, investor attention has focused on Bitcoin, which analysts believe may be on the verge of a new rise. Key technical signals are drawing attention.
Market Analysis of Bitcoin
Crypto analyst Ali reports that Bitcoin's Market Value to Realized Value (MVRV) ratio is nearing a 'golden cross' with its 30-day simple moving average (SMA). This could signal the beginning of the asset's next rise. A golden cross occurs when a short-term moving average crosses above a long-term one, often preceding bullish trends.
Current Price and Asset State
Currently, Bitcoin is trading in the $100,000 to $110,000 range, reflecting a decrease in market activity and profit-taking. Over the last 24 hours, the price rose by 0.8% to $108,179. However, declining profitability and on-chain activity are indicating a state of consolidation.
Prospects and Risks
Experts note that until profitability and activity metrics improve, the chances of Bitcoin breaking out to new all-time highs remain low. At present, the market appears to be digesting previous gains while awaiting new momentum and demand.
The current situation in the Bitcoin market evokes mixed feelings. New technical signals, such as a potential golden cross, may indicate upcoming changes; however, the market also shows signs of consolidation and anticipation.
