Ki Young Ju, co-founder and CEO of Cryptoquant bitcoin He shared a chart showing the MVRV rate. According to the CEO’s share, the BTC MVRV rate is declining.
Following the decline in Bitcoin MVRV rate, the downward trend in BTC price continues. Young Ju stated that this picture means that investor interest in BTC has decreased.
Koinfinans.com As we reported, Bitcoin price has seen a slight increase in the last 24 hours, according to CoinMarketCap data. On the weekly chart, the price is at $16,800, with a 1.5% rise.
In addition to its rise against the dollar, Bitcoin also gained against Ethereum. As we reported as Koinfinans.com, BTC dominance has lost 0.22% of its value. The value is currently at 41.66.
Looking at the general trend, Bitcoin price has gained good momentum over the past few days. It is quite possible that the trend will continue today. This pushed BTC’s price above the 9-day and 20-day EMA lines.
Technical indicators suggest that BTC’s bullish momentum will continue. The daily RSI line has crossed above the daily RSI SMA line and is also positively sloping towards the overbought zone.
For the uptrend to continue, the 9 EMA line must first break above the 20-day EMA. If this happens, the price could move towards $17,200.