Bitcoin MVRV Approaches Key Resistance at 365 SMA Amid Price Consolidation
Bitcoin has recently rebounded to the $95,000 range but is currently experiencing price consolidation and a minor retracement. Speculation surrounds its ability to maintain this uptrend.
Bitcoin MVRV Resistance
- Bitcoin's MVRV faces resistance at the 365-day simple moving average (365SMA), crucial for mid-term price direction.
- The current MVRV stands at 2.13, slightly below the 365SMA at 2.14.
- A crossover above the 365SMA is needed for a long-term bullish market confirmation.
Network Fees Increase
- Bitcoin network fees rose by 42% over the past week, amounting to $4.03 million in transaction costs.
- Crypto exchanges recorded net withdrawals of $356 million, indicating strong investor sentiment.
- Bitcoin is trading at $94,233, down 0.78% in the last day, but shows gains of 11.27% and 8.59% over the past seven and thirty days, respectively.