Cryptocurrency Exchange Evaluates Bitcoin’s Situation Following Recent Developments!

According to a recent report by Bitfinex Bitcoin, After experiencing the biggest correction in its current cycle, BTC has started to recover. Over the past week, BTC has rebounded sharply, rising around 28% from its recent lows of around $49,000.

This rise marks Bitcoin’s lowest price since February and pushed its value above the critical $60,000 level. The sharp sell-off in August caused prices to fall 33.32% from the all-time high of $73,666.

According to the report, fundamental indicators provided insight into the severity of the recent pullback. The Mayer Multiple, which compares Bitcoin’s current price to its 200-day moving average (200DMA), fell to 0.88 during the decline, a level not seen since November 2022. This figure suggests that Bitcoin is trading significantly below its historical average trend and points to a strong bear phase.

On-chain data further highlights the intensity of the sell-off. The short-term conservative realized price (STH cost floor), which is the average purchase price by recent buyers, is at $64,860. According to analysts, the Bitcoin spot price recently approached the -1 standard deviation (SD) range of this STH cost floor, a scenario historically seen on only 7.1% of trading days.

The report shows that the short-term owner MVRV ratio, which compares current market prices to the purchase price of new investors, shows that this group has suffered the largest unrealized losses since the bear market lows of 2022. Overall, these indicators point to increasing bearish sentiment and pressure among short-term investors, typically occurring at local lows.

Krypto para Despite the turbulence in the US market, the US economy continues to show resilience. Recent data supports a more optimistic outlook, with significant declines in jobless claims and solid growth in wholesale inventories providing a strong foundation for growth. This economic strength, particularly in the second quarter, is playing a key role in the overall market outlook.

According to the report, Harris has emerged as a leading candidate in the 2024 US presidential race, narrowly ahead of Trump in forecast odds and recent polls. As her campaign gains momentum, speculation about her stance on cryptocurrencies has increased, especially as her team begins reaching out to industry executives.

*This is not investment advice.