Bitcoin (BTC) has risen above $60,000 unknowingly. This has caused rumors that the “danger zone” will end after the split and that the price could continue to rise in the long run.
There was a lot of market turmoil and instability before Bitcoin’s latest rise from below $57,000, right before the Federal Open Market Committee (FOMC) meeting. This rally comes after that.
The “hazard zone,” a period of high uncertainty that follows a halving event, ended this week when Bitcoin’s price broke above $60,000. From what we know about the past, this shows that once BTC prices get out of this rough patch, they often go up by a lot.
Bitcoin’s Historic Resurgence
A study by Rekt Capital looks at how the market has moved in the past and finds that people were in a good mood when Bitcoin’s value dropped by half and then rose by almost 3,000%. Right now, the market is moving in ways that point to a strong comeback and good trends for the price of BTC in the future.
According to Bitcoin expert Ali Martinez, the price of Bitcoin has recently gone up from $57,000 to over $64,000. However, the MVRV 90-day ratio shows that Bitcoin is still in a good buying zone, which means it could go up even more before it has a major correction.
The volume-weighted average price (VWAP), according to BTC expert Willy Woo, shows that Bitcoin prices are likely to keep going up.The number of moves suggests that people are optimistic about the long term, but it’s not clear how people feel in the derivatives market.
There have been a lot more trades for long positions in BTC futures, which shows that some buyers are very hopeful. This could mean that some traders are closing their positions, either to take gains or lower their risk. This is because the total open interest has gone down a little.
The options market, on the other hand, is more careful. Lot of people aren’t trading as much, which means that speculation trade has slowed down. But it does show that traders are holding on to their stocks while they wait for something to happen.
BTC is very complicated right now, as shown by the complicated link between more trades that are bullish and more careful market behavior. Bitcoin might be able to get over the ups and downs that happened after its most recent split. There are many types of buyers interested because it looks like a time of growth and safety is coming.
