Bitcoin (BTC) holds optimism despite a downtrend

Bitcoin (BTC) is fairly away from its recent ATH of ~$74,000. However, optimism is more than obvious within the crypto ecosystem. This is based on two technical indicators, namely MVRV Z-Score and Fear & Greed Index. The former showcases the value of 1.87, while the latter rides a Greed category with 71 points. If MVRV displays the potential for an upcoming upswing, then the FG Index instills confidence that this could be a good time to get more BTC tokens.

Research and risk assessment are priorities in the crypto market.

MVRV Score is often recognized as a more reliable indicator. Bitcoin peaked at 10.4 in December 2017 and 3.66 in October 2021. The token price was at its highest in both time frames. It was only in November 2022 when the Index showed a -0.36 score. Anything less than zero is usually a good buying occasion or a time to enter the market. This cannot be confused with buying at any other time, for it depends entirely on one’s fund allocation strategy.

The Fear & Greed Index shows optimism around Bitcoin. This is credited to the rise in the value of BTC. The token did rally around $58,000. It is now at $61,563.41 at the time of writing this article. That is a surge of 1.44% in the last 24 hours. The flagship crypto is now poised to mark an uptick as it moves forward.

The next set resistance is at $75,000, followed by $90,000. Achieving the mark of $75,000 will pave the way for $100,000. Analysts have seen the trajectory go to $150,000; however, the $100k milestone appears more practical from the safety perspective.

Bitcoin is riding two horses at the moment: the growing adoption and approval of Bitcoin ETF applications in the US and Hong Kong. This could positively impact the mid-term range, if not the short-term range. Rising interest from institutional and individual investors could also support BTC’s demand and prices.

Investors have taken a cautious and diversified approach to the crypto market, which is highly volatile, especially since Bitcoin Halving concluded in mid-April 2024.

Meanwhile, two whales transferred 1,000 Bitcoin tokens in 20 minutes, worth approximately $60.9 million. 

Each wallet was seen transferring 500 BTC tokens, now collectively worth $60 million. This has triggered speculation among Bitcoin community members about the intentions of selling that portion, for both wallets have been asleep for the last 10 years.

When this article was written, BTC was worth $61,704.99. Market Cap and 24-hour trading volume were up 1.55% and 40.37%, respectively. Bitcoin is expected to surpass the $100,000 milestone by the end of this year, 2024.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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