He revealed that the MVRV (Market Value to Realized Value) Pricing Bands has signaled this potential rally and local top for Bitcoin. This metric highlights whether the BTC price is undervalued, overvalued or near a market top based on historical data. The MVRV ratio compares the market capitalization of Bitcoin to its realized capitalization, giving price thresholds in terms of potential tops or bottoms.
Meanwhile, Bitcoin is currently trading at $71,194 after a price surge of 3.36% over the past one day. Notably, the price has soared 8.38% over the last 30 days, indicating sustained positive momentum during this time. The trading volume of Bitcoin has also jumped 103.3% in the last 24 hours. This indicates rising trading activity, which can ultimately sustain this bullish momentum.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
