Sellers hindered Bitcoin’s growth, but 3 powerful bullish signals are still active!
22Oct
Bitcoin price has fallen more than 1% in the past 24 hours to the $108,200 range. Sellers prevented a break of the daily resistance, delaying the start of a short-term uptrend. However, on-chain data and charts suggest that the pause may be temporary.
The market value-to-real value (MVRV) Z-Score is still near its six-month low, but has increased slightly from its recent quarterly low. This small increase suggests that long-term investors are holding onto their holdings and there has been no widespread selling.
Data on the age of coin spending also shows that the number of Bitcoins sold by both short-term and long-term holders has declined sharply.
On the 12-hour chart, Bitcoin continues to move in a bearish wedge pattern, which is usually accompanied by a bullish breakout.
A break above $111,500 could initiate a short-term bullish wave to the $114,000 range, and if the trend continues, higher targets of $124,200 are also within reach.
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