Last week proved to be quite volatile for the cryptography markets. Several large old coins made significant gains while Bitcoins traded in the lower region of $ 10,000. Yesterday, however, this bullish momentum came to a halt when Bitcoin (BTC) fell below the $ 10,000 mark, which could lead to short-term market difficulties.
Despite this potential bear market, an important cryptanalyst now notes that various data on the channel signal a fundamental upward trend for cryptocurrency – which could in turn mean that the recent downturn is just a surge fires, putting an end to the one just created. The ascending moment follows.
Cops and bears caught in close combat
At the time of writing, Bitcoin is trading at $ 10,190, down slightly from its peak of $ 10,300 over 24 hours and an even bigger drop from weekly highs of nearly $ 10,500. .
Bitcoin's inability to maintain its position in the five-digit range may indicate that bears currently have a slight advantage over bulls – and suggests that BTC will resume its historically established support level to $ 9,300.
In the short term, it seems that Bulls and Bitcoin bears are currently trapped in a tight fight. The lower region of $ 10,000 could mark a turning point when the short-term trend of cryptocurrency becomes more apparent.
For example, the popular cryptanalyst The Cryptomist writes on Twitter about the importance of this level, claiming that BTC was heading for $ 10,050, which could in turn generate significant selling pressure that would drag it deeper.
"$ BTC: Gout was mentioned, however, I'm not surprised by the strength of bulls I see bulls pushing that back into the 10050 area where we could charge for another fall." However, without bias, wait for 10050 "she explained.
There was the mentioned drop.
However, the little surprised of the strength of the bulls
I see bulls pushing that limit back into the 10050 range, where we could charge for another fall.
No bias though, waiting for 10050
– The cryptomist (@The Cryptomist) September 19, 2019
Data on the chain could strengthen BTC bulls
Despite the apparent decline in short-term performance, it is important to note that Bitcoin's chain data could indicate a new upward momentum in the near term.
The eminent analyst Luke Martin commented on this in a recent tweet. According to him, Bitcoin's MVRV ratio could provide positive data for cryptocurrency figures.
"While $ BTC continues its one-month cycle, I've learned more about chain metrics." The MVRV ratio gives a good idea of the ratio of the stock market price to the "fair value" of A bitcoin MVRC <= 1 has always been a great buy, "he explains, referring to the graph below. Emissions: Bitcoins MVRC is currently well below 1.
with $ BTC Continuing its one month hard blow, I learn the chain metrics.
The MVRV ratio gives a good idea of the relationship between the exchange price and the "fair value" of a Bitcoin.
• MVRC <= 1 has been a great buy every time.https: //t.co/6jovwzZc8O pic.twitter.com/cqb3SNvvwk
– Luke Martin (@ VentureCoinist) September 19, 2019
The coming days and weeks are likely to be very indicative of Bitcoin's future direction – and its action on short-term pricing could even set the tone for the rest of 2019.
Proof of text: newsbtc