The Dawn of a New Era
Hold on to your hats, folks! The official crypto king, Bitcoin (BTC), has done it again! As of July 3rd, BTC managed to cross the $31k mark amid its latest bullish strides. This isn’t just any stride; it’s a giant leap for the crypto-kind! Cryptocurrency traders and investors entered Q3 2023 with a new-found zeal thanks to the optimistic state of the market. And guess what? Bitcoin is leading the charge!
The Wizard of Crypto Speaks
Crypto advisor Will Clemente, the wizard who can read the crypto charts like a bedtime story, took to Twitter to share his thoughts. He highlighted BTC’s chart of long-term holder Market Value to Realized Value (MVRV). The tweet was like a shot of adrenaline to the market! Clemete pointed out similarities between the end of bear markets in 2012, 2016, 2019, and 2023. He declared that BTC’s bullish stride was only at its beginning. Onwards and upwards!
The Green Wave
Another analyst from CryptoQuant, yblockchain_, also promoted BTC’s bullish stance. According to his analysis, BTC’s NUPL value reached the ‘Optimism’ zone as of July 3rd. A rise in BTC’s NUPL value indicates that traders are profitable, the market is overripe, and investors have a certain amount of belief in the Official Crypto. This could be taken as a bullish sign for BTC, especially around its price action in the coming days.
A Twist in the Tale?
But wait! There’s a twist in this crypto tale. BTC started the day at $30,633 and surged by 2.45% to $31,381. However, BTC’s Relative Strength Index (RSI) crossed into the oversold region. This move may have BTC witnessing some price correction over the next few hours. The MACD indicator also showed the possibility of an upcoming price correction. Although BTC’s Awesome Oscillator flashed a green bar, the presence of red bars above the zero line confirmed some bearish sentiment.
The Battle of the Bulls and Bears
Data from coinglass showed that at press time, short holders dominated the market. BTC’s long/short ratio stood at 0.9948 with 50.13% short holders and 49.87% long holders. The difference between the two cohorts was minimal, but the scale tipping in favor of short holders wasn’t a great sign. Traders shorting BTC for a profit could drive the Official Crypto below the $30k level.
The Final Countdown
As per data from CoinMarketCap, BTC saw a price surge by 2.19% in the last 24 hours. However, the last one hour saw some negative price action with BTC dropping by 0.36%. BTC’s bull rally could be short-lived if traders continue obsessing over short-term gains over long-term returns.