In early March, the tool printed a so-called “death cross” — its short-term moving average crossed below a long-term equivalent, in keeping with the profit drawdown sparked by Bitcoin’s descent below $80,000.“Much like in previous cycles, this cross was followed by a price decline after Bitcoin hit a local peak, reinforcing the MVRV's effectiveness as a market sentiment indicator,” Yonsei Dent, a contributor to onchain analytics platform CryptoQuant, wrote in one of its “Quicktake” blog posts on March 30.“With the MVRV now converging toward its long-term historical average, it appears the market has exited the overheated zone.
Source: CryptoQuantDent suggested that while current behavior mimics past BTC price cycles, market participants “should remain cautious of further downside risk.”Last month, analysis predicted that Bitcoin still has room for fresh all-time highs on longer timeframes, based on MVRV ratio data.
Source: CoinGlassA look at exchange order book data from monitoring resource CoinGlass meanwhile shows bid and ask liquidity clustered tightly around price. Continuing, CrypNuevo paid particular attention to the 50-day and 50-week exponential moving averages (EMAs).“Seeing some compression between the 1W50EMA and 1D50EMA which always leads to an aggressive move,” he observed. “It might take a bit more time based on previous cases.
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Author / Journalist: Cointelegraph by William Suberg
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