The Bullish Bitcoin Technical Indicators
The price of Bitcoin crossed back above $75,000, a critical psychological level, following Donald Trump’s win in the U.S. election on November 5. CoinLupin, a market analyst at on-chain analytics firm CryptoQuant, utilized the Market Value Realized Value (MVRV) indicator to estimate Bitcoin’s present price.
The MVRV ratio is a powerful traditional tool for Bitcoin traders, offering insights into market valuation and potential price trends. CoinLupin stated that Bitcoin’s MVRV currently hovers at 2 while its price climbed just above $75,000. This suggests the market’s surface value is twice the on-chain estimated value.