Summary
- Julio Moreno, Chief Analyst at CryptoQuant, stated it's too early for Bitcoin (BTC) price to reach its bottom.
- The Market Value to Realized Value (MVRV) indicator staying below its 365-day moving average is analyzed as a bearish signal.
- BTC is trading at $88,121.81 on the Binance USDT market, up 1.23% from the previous day.
Julio Moreno, Chief Analyst at CryptoQuant, stated via X (formerly Twitter) on the 26th (local time) that "it's too early to conclude that Bitcoin (BTC) price has reached its bottom" and that "all valuation indicators have entered a correction phase."
He added, "It may take more time for BTC to form a bottom," and analyzed that "for instance, the Market Value to Realized Value (MVRV) indicator remains below its 365-day moving average. This shows a simple but powerful bearish signal."
Meanwhile, BTC is trading at $88,121.81 on the Binance USDT market as of 00:38 on the 27th, up 1.23% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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