However, a closer look reveals that while the bulls may be back, the sellers are not going to give up easily.
Bitcoin’s price has three major areas of support, as shown in the chart below.
The latest move has shattered the second area, with the crypto hovering below the first area of resistance.
Regardless, a weekly close above $53,486 will create a higher high and suggest the start of a bull run.
Supporting this move to $53,486 and a retracement back to the lower limit at $44,654 for the price is the 365-day Market Value to Realized Value model.
However, looking at the three-year history shows that the price has often hit a local top when the 365-day MVRV goes above 15%.
A graduate in Law and International Relations, his writing is by and large focused on cryptocurrencies from the political and financial perspective.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.