Bitcoin (BTC) Price Nearing Bottom ! Key Metrics Flash Bulls Are Ready To Take Control
Bitcoin has been experiencing a price surge above $19,000 but is continually struggling and scrambling to ensure it continues to maintain above it.
At the moment, Bitcoin is changing hands at $19,549 after an upward trend of 1.41% over the last 24hrs. Many experts believe that the flagship currency is nearing the bottom.
However, things could soon look up for the BTC price.
Santiment, an analytic firm, has put forward three indicators that Bitcoin is likely to maintain its stability from here on.
The first is Bitcoin’s dollar investing average (MDIA), which is presently at an all-time high. This means that Bitcoin will not be distributed for a long time now.
The second is Bitcoin’s Market Value by Realized Value for 2022, which is moving similar to that of 2017-2019.
The last is the drop in the lead cryptocurrency’s social volume along with the market sentiments.
Bitcoin Investors Under Loss
On the other hand, when Bitcoin’s realized profit loss is considered, it shows that the currency’s investors are in loss. Morgan Stanley executive, Michael J. Wilson is of the opinion that while the US stock market investors are in loss, the market is up for nearly 16% short-term rally.
Meanwhile, currently Bitcoin is almost at the same trend line as it was 4 months before and in the last one month BTC has strived hard to reclaim $20,000 level.
The traders are eagerly waiting for the Federal Reserve’s next FOMC meeting which is scheduled for November 2. The result of this meeting will let us know the market’s next move. As of now it is expected that the Fed might increase the interest rate by 50 bps in the next meeting.Source