Bitcoin shows strong underlying support for price increases driven by current holding behaviors and fundamentals. Despite hovering above 104,000 USD, the metrics indicate a potential for growth, as the market hasn’t reached euphoric extremes.
Currently at 2.25, the MVRV ratio indicates Bitcoin remains below peak bull market levels. This suggests that Bitcoin might have further room for price appreciation while reflecting sustainable momentum instead of speculative behavior.
A cluster of liquidations near 104,000 USD poses risks of triggered sell-offs while presenting opportunities for short squeezes. The combination of negative sentiment and declining investor activity adds complexity to the current market scenario.
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