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Bitcoin MVRV Golden Cross in Sight – Next Leg Up Could Be Near
As the cryptocurrency market grapples with ongoing volatility, Bitcoin continues to defy expectations by maintaining its position above $100,000. This resilience is fueling speculation that a massive move could be just around the corner.
The broader crypto market is now closely monitoring Bitcoin’s next steps, as any significant shift in price will likely determine the trajectory of altcoins and risk assets alike.
Recent data from Santiment highlights an essential on-chain development: the potential golden cross between the MVRV Ratio and its 30-day simple moving average. Historically, this crossover has marked crucial turning points for Bitcoin, often initiating strong upward trends.
As these two lines converge, investor sentiment is beginning to shift, with more traders positioning themselves for a breakout. The short-term bullish bias is further reinforced by the cryptocurrency’s ability to maintain its position above $105K and the convergence of all major moving averages on the 4-hour chart – 50 SMA ($105,166), 100 SMA ($105,291), and 200 SMA ($105,810) – into a bullish alignment.
Source: bitcoinist.com
