According to analysts, metric Bitcoin IFPindicator Bitcoin CQindicator of the ratio of market capitalization to realized (MVRV) and metric of unrealized net income (NUPL) indicate a probable significant decrease in the value of the asset:
“All these metrics indicate that Bitcoin experiences significant turbulence in the short and medium term. However, none of them mean that the asset has reached an overheated or cyclic level. ”
Cryptocurrency price fluctuations reflect a wider context of the market uncertainty, Cryptoquant analysts believe. If macroeconomic conditions change for the better, Bitcoin has a chance to overcome an important support level of $ 84,000.
Earlier, Glassnode experts said that large bitcoin holders, on the account of each of which are more than 10,000 BTC, are actively accumulating the first cryptocurrency – since March 11, the balance of such cryptocurns increased by 129,000 BTC.
Source: Bits
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