Bitcoin has entered what appears to be a consolidation phase following its latest bout of volatility.
According to a respected analytics firm, the cryptocurrency's Short-Term Holder MVRV has been holding above a key level, which is historically emblematic of it entering a full-fledged bull market.
Bitcoin consolidates following rejection at $16,000.
16,000 has been a strong resistance level for Bitcoin throughout the past week.
From a fundamental perspective, Bitcoin is healthy and growing stronger each day.
As CryptoSlate reported yesterday, billionaire investor Stanley Druckenmiller is the latest mainstream macro investor to bet on Bitcoin.
Yes, BTC is in a bull market - On-chain indicator reveals.
According to the analytics firm Glassnode, Bitcoin is in a firm bull market.
"Bitcoin Short-Term Holder MVRV has been holding its positive ratio for the past six months - and bounced off the neutral line yet another time. Historically, holding this support level is indicative for an ongoing $BTC bull market."
As seen on the above chart, prolonged bouts of this indicator holding above this neutral line indicate that a parabolic move higher is brewing.
This on-chain indicator confirms the Bitcoin bull market is just getting started
Publié le Nov 11, 2020
by Cryptoslate | Publié le Coinage
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