Feb 13, 2025
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Bitcoin Retests Key Support Level Around $96,300 Amid Market Volatility
On-chain data indicates Bitcoin is retesting a significant support level.
Bitcoin Trading Insights
- Current trading price is approximately $97,400, down over 2% in the last week.
- The Market Value to Realized Value (MVRV) Z-Score model is being utilized for pricing analysis.
- This model compares Bitcoin's market cap with its realized cap using standard deviation.
- The current mean level of MVRV is around $96,300, which has acted as a support level amid recent market downturns.
- Key thresholds identified include:
- -1 SD support at $80,100
- +1 SD resistance at $118,000
- The outcome of this retest will determine future price movement.
