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Bitcoin‘in (BTC) price movement remains impressive as it has not surpassed $64,000 in the past few days. Additionally, a significant BTC metric has entered an uncertain direction. Does this mean investors need to wait longer to see BTC’s rise again?
Bitcoin Data Shows Decline
According to CoinMarketCap, BTC has experienced a decline of more than 2% over the last seven days. This situation pushed BTC’s price below $64,000. At the time of writing, it is trading at $63,843.66 with a market value of over $1.26 trillion.
Due to the negative price movement, the prevailing sentiment around the leading cryptocurrency entered a downtrend on April 27. Social volume also slightly decreased last week, reflecting a decline in BTC’s popularity in the crypto space. Meanwhile, Phi Deltalytics, a writer and analyst at CryptoQuant, published an analysis using a significant BTC metric.
Expert Opinion on BTC
According to the analysis, while Bitcoin‘s adjusted output profit ratio (SOPR) continues to move upward, the short-term SOPR has entered a zone of uncertainty. This inconsistency highlighted a complex environment where short-term investors face losses. The analyst stated:
Although such fluctuations are not rare, they require more caution, especially during periods when price explorations are made towards all-time highs.
Glassnode data analysis also pointed out an interesting development concerning short-term holders. BTC’s STH MVRV has dropped in recent weeks. For the inexperienced, a low MVRV indicates that Bitcoin’s current price is relatively lower compared to the last transaction prices. This measurement shows high confidence in BTC, yet the price was low at the time of writing. This situation could be considered a bullish signal.
