Since February 2023, the Bitcoin MVRV Ratio has dipped below -8.40% on four occasions, each time triggering significant price jumps of 63%, 100%, 92%, and 28%.
With Bitcoin currently priced under $60,000 and the MVRV Ratio at -8.96%, this might be an ideal time to buy the dip.
Since February 2023, the #Bitcoin MVRV Ratio has dipped below -8.40% on four occasions, triggering $BTC price jumps of 63%, 100%, 92%, and 28%.
Currently, with #BTC priced under $60,000 and the MVRV Ratio at -8.96%, this might be an ideal time to buy the dip! pic.twitter.com/mn9EzXdD5s
— Ali (@ali_charts) June 24, 2024
The TD Sequential, a popular technical analysis tool, presents a buy signal on Bitcoin’s daily chart, predicting a rebound of one to four daily candlesticks for $BTC. If Bitcoin rebounds to $63,700, approximately $57.85 million will be liquidated across futures exchanges.
$57.85 million will be liquidated across futures exchanges if #Bitcoin rebounds to $63,700! pic.twitter.com/lAwpC61USS
— Ali (@ali_charts) June 24, 2024
The market sentiment, however, is currently bearish. The Bitcoin “Fear and Greed” index has dropped to its lowest level in 18 months as Bitcoin declined below $60,000.
JUST IN:
The #Bitcoin “Fear and Greed” index dropped to the lowest level in 18 months. pic.twitter.com/wqnYzaOQEA
— Atomic – Crypto Wallet (@AtomicWallet) June 25, 2024
This sentiment shift coincides with significant moves by the German Government, which transferred 900 $BTC (approximately $54.75 million) in the past two hours. Out of this, 400 $BTC ($24.33 million) was transferred to major exchanges Kraken and Coinbase. Despite these transfers, the German Government still holds a substantial 46,359 $BTC (approximately $2.83 billion).
The German Government’s wallets have transferred 900 $BTC($54.75M) out in the past 2 hours, of which 400 $BTC($24.33M) was transferred to #Kraken and #Coinbase.
German Government currently holds 46,359 $BTC($2.83B). pic.twitter.com/WHVhC8iF4B
— Lookonchain (@lookonchain) June 25, 2024
The Bitcoin ETFs Market Sees Net Outflows Of $175 Million
Additionally, the Bitcoin ETF market has seen a net outflow of $175 million as of June 24, 2024. This marks the seventh consecutive day of negative net inflows, the longest streak since May. Notably, no Bitcoin ETF had an inflow yesterday, with Grayscale (GBTC) experiencing the largest outflow. Despite the general trend, BlackRock’s Bitcoin ETF (IBIT) has maintained a non-negative net flow for the past seven days, bucking the trend seen in other major $BTC ETFs.
$BTC #ETF Net Inflow June 24, 2024: -$175M!
• The net inflow has been negative for 7 consecutive trading days, the longest streak since May.
• No Bitcoin ETF had an inflow yesterday.
• #Grayscale (GBTC) experienced the largest outflow yesterday.
• #BlackRock (IBIT) has… pic.twitter.com/8OPAfBSYR7
— Spot On Chain (@spotonchain) June 25, 2024
These mixed signals create a complex landscape for Bitcoin investors. On one hand, historical patterns and technical indicators suggest a potential rebound. On the other, market sentiment and significant outflows indicate caution. As always, investors should carefully consider these factors and stay informed about ongoing market developments.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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