Crucial On-chain Indicator Pointing towards a Continuous BTC Bullish Run

News • 2020/11/10 • by

Bitcoin seems to be in the consolidation phase due to the recent form of price actions. BTC reached a high of about $15,800 on November 10, 2020, before dropping to a low of $14,800.

Since yesterday, bitcoin's price has been fluctuating between the $14,800-15,000 range, with buyers and sellers unable to have a substantial effect on it. This movement has been predicted as Bitcoin witnessed a substantial increase in the past few weeks, which hadn't happened since the ending months of 2017 before it experienced a steady rise.

Major Signals

Bitcoin price hovering below 15k

Bitcoin unable to break the $16,000 resistance level in 7 days.

Bitcoin remains bullish after notable investors endorsements.

Based on the analysis, BTC's short-term holder Market Value to Realized Value (MVRV) has been holding a healthy level, a signal of the crypto experiencing a bullish market. $16,000 has turned out to be a stable resistance level for Bitcoin in the past weeks as it has not yet been able to go further this level.

It is also impossible to state that the rebound from the $14,800 level on November 10 indicates strong support at this level. BTC looks good and shows great potential daily as notable investors, including the billionaire Stanley Druckenmiller and Paul Tudor Jones, praises the mother cryptocurrency.

Presently, Bitcoin is the leading crypto by market capitalization with about $283.87 billion, with a daily volume of approximately $25.56 billion.

What do you think about BTC's bullish run? Let's discuss this in the comment section.

Comments (5)

Guest

visiblemoney

6 years ago

This current BTC bullish run has been helped by idle fund injections by multi billion holdings of individuals and corporate institutions and the bull will see the price through $20,000 mark.

omogbai

6 years ago

It may be a partial store of value because, unlike thousands of other what I call shitcoins, it cannot be so easily debased because there is at least an algorithm that decides how much the supply of bitcoin raises over time.