### Bitcoin Short-Term Indicators Signal Bullish Opportunities
Recent short-term indicators for Bitcoin highlight potential bullish opportunities. Despite the 30-day MVRV ratio remaining negative, the increasing mean coin age indicates widespread accumulation.
Although the $55k liquidation cluster remains untested and the current resistance is at $63.3k, on-chain data from Santiment shows key Bitcoin stakeholders accumulating an all-time high of 16.17 million BTC.
#### Bitcoin’s July Recovery
Entering July, Bitcoin made a robust recovery, with its price surging by 4.5% since last Saturday, pushing past $63,000. Recently, Bitcoin retested and successfully defended its support zone dating back to March 1st, maintaining the price lows observed over the past three months.
Currently, resistance at the mid-range level of $63.3k remains firm. While technical indicators do not suggest an imminent bullish reversal on longer timeframes, short-term metrics indicate potential upside liquidation levels due to recent bearish sentiment and an imbalanced futures market.
#### On-Chain Bitcoin Metrics Indicate Wide Accumulation
The negative 30-day MVRV ratio indicates that short-term holders are at a loss. However, the steady increase in mean coin age over the past six weeks is a positive sign. This trend suggests holders are accumulating, indicating an undervalued asset and presenting a short-term buying opportunity that could spark a rally for Bitcoin.
Despite this, the Network Value to Transactions Ratio (NVT) showed that Bitcoin was overvalued relative to daily on-chain transaction volume. This could pose a challenge for bulls but is less significant compared to the positive signals from the MVRV ratio and mean coin age. As reported by Crypto News Flash, BTC sentiment is currently at an 18-month low.
#### Bitcoin Liquidation Clusters Analysis
The $55k liquidation cluster remains untested as bulls have prevented the price from dipping below the $60k psychological support. It’s important to note that not every zone of high liquidity needs to be tested. If the price continues to rise, traders will focus on the $73k zone as the next key area of interest, according to a report by Crypto News Flash.
However, the path forward for bulls is not straightforward. Julio Moreno, Head of Research at CryptoQuant, tweeted that Bitcoin miner capitulation might be imminent, suggesting prices may have reached a local bottom. Additionally, crypto analyst Axel Adler noted that recent Bitcoin sales were largely absorbed by crypto exchanges rather than the broader market, as per a CNF update.
Furthermore, on-chain data provider Santiment has revealed that Bitcoin’s major stakeholders are projecting a long-term bullish outlook. Wallets holding over ten coins have now accumulated an all-time high of 16.17 million BTC, indicating strong confidence in the cryptocurrency’s future. Santiment suggests that an increase in buying power from Tether and USD Coin holders is essential to ignite the next crypto bull run. This influx of capital could potentially open the floodgates for a significant market surge.
Courtesy: Santiment
#### Recommended for You:
– Buy Bitcoin Guide
– Bitcoin Wallet Tutorial
– Check 24-hour Bitcoin Price
– More Bitcoin News
– What is Bitcoin?
Subscribe to our daily newsletter!
>> Subscribe <<
No spam, no lies, only insights. You can unsubscribe at any time.
