Bitcoin can [BTC]The recent price action gives investors a December to remember

  • CryptoQuant’s analysis has suggested a potential market cap for BTC
  • Market indices and metrics looked bullish

bitcoin [BTC] It recorded gains in the past week, but the price remained below expectations. At press time, the BTC price is up nearly 3% over the past seven days. Also, it was BTC trade Just above $17,000 at $17,019.18, with a market capitalization of $327.2 billion.

Read Bitcoins [BTC] predict the price 2023-2024

However, the stars may align in favor of investors soon, which could lead to another bullish rally. Dan Lim, writer and analyst at CryptoQuant, recently published a analytics Which indicates a potential market bottom for BTC.

Should Bitcoin Investors Be Happy?

According to the results of Dan Lim, in the current year, BTCThe Market Value Realized Value (MVRV) has been less than one for more than 170 days. In 2018, it was less than one for 134 days, after which a trend reversal occurred. Therefore, the possibility of a similar incident occurring in favor of investors may not be far fetched.

Source: CryptoQuant

Interestingly, Dan also posted another ad analyticsas such He indicated that BTC’s hash model failed. According to the analysis, the dead cross appeared without an increase in the price of Bitcoin for the first time since the Hash Ribbon pattern golden cross.

The hash rate of F2Pool, which was one of the largest mining pools in the world, dropped dramatically due to the bank’s operation of the FTX exchange. This also caused the price of Bitcoin to drop to nearly $16,000. Moreover, miners have had a hard time in recent weeks like bitcoin miners leave it 10,000 BTC as of December 1st.

Source: CryptoQuant

December to remember?

BTCThe daily chart suggested that the price of the king coin is showing support and resistance at $15,800 and $17,200, respectively. Additionally, a Moving Average Convergence Divergence (MACD) reading revealed that Bitcoin may soon break its resistance and move up the price ladder. Thus, BTC investors can have an upside advantage in the market.

The Money Flow Index (MFI) was also slightly higher, adding to the chances of a breakout north.

Source: TradingView

According to CryptoQuant’s dataBitcoin reserves also declined, which was a positive sign as it indicated less selling pressure. However, BTC transaction volume reached its lowest level in just two years at $260,626,928.14. This was concerning, as it indicated that less activity on the network could cause bitcoin A little trouble in the coming weeks.

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