Is Bitcoin Price In Bearish Phase? Here’s What The MVRV Ratio Says

Quick Summary:

The Bitcoin price began Friday, August 16 from beneath the $57,000 level, following a sudden 7% fall on Thursday.

While the premier cryptocurrency is showing good signs of recovery, a prominent crypto analyst has explained how the latest price decline may have pushed the BTC price into a bearish phase.

Meanwhile, a break below the 1-year simple moving average signals a shift to the bearish phase.

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Article Details

Author / Journalist: Opeyemi Sule

Category: Crypto

Markets: Hungary

Topics: Btc price Glassnode Btc Bitcoin Bitcoin price MVRV Ali Martinez Bitcoin

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-17 @ 16:00:03 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: bitcoinist.com

Language: English

Article Length: 383 words

Reading Time: 3 minutes read

Sentences: 29 lines

Sentence Length: 14 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bitcoinist

News ID: 22118040

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About Bitcoinist

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Official Website: bitcoinist.com

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