Bitcoin Market Cycle Could Near Peak by Late August as MVRV Indicator Approaches Key Level
Main Idea
Bitcoin's MVRV 365-day moving average suggests the market cycle could peak by late August, with technical indicators showing potential for a breakout or pullback, influenced by macroeconomic factors like the U.S.-EU trade deal and Federal Reserve policies.
Key Points
1. Bitcoin’s MVRV 365DMA indicates a double-top pattern similar to 2021, signaling a potential market peak by late August or early September.
2. The U.S.-EU trade agreement and Federal Reserve policy outlook are supporting crypto market momentum.
3. Bitcoin is consolidating below $120,000, with Bollinger Bands tightening and RSI at 61, suggesting cooling momentum but no reversal yet.
4. Key support levels are at $117,899, with potential for a breakout to $125,000 or a pullback to $114,000 if support fails.
5. The MVRV 365DMA measures Bitcoin’s market value relative to realized value, indicating overbought or undervalued conditions to predict cycle tops or bottoms.
Description
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