Bitcoin indicator that nailed all bottoms predicts $15.6K BTC price floor
Bitcoin (BTC) needs to go lower before putting in a macro bottom, one of the market’s most accurate indicators shows.
Data from sources including on-chain analytics firm Glassnode shows Bitcoin’s MVRV-Z Score is almost — but not quite — signaling a price reversal.
MVRV-Z Score inches towards macro bottom
Amid ongoing debate whether if, or when, BTC/USD will go beyond its current macro lows of $17,600, new figures suggest that the market easily has further to fall.
As noted by Filbfilb, co-founder of trading suite Decentrader, the MVRV-Z score is now in its classic green zone, but not yet at the point which has accompanied price bottoms in the past.
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