🟣 #MATIC/USDT⚡ is #consolidating inside the symmetrical triangle on weekly #timeframe

Waiting to move up
#TopCoinsJune2024 #BTC

An expert has pointed out the potential for #Bitcoin to rise significantly after #consolidating above $27,900. This price level aligns with the #MVRV indicator concerning short-term market participants, as analyzed by CryptoQuant's analyst Maartunn. The specialist has highlighted the historical correlation between these two parameters. After surpassing the resistance level represented by MVRV_STH, significant waves of growth have been observed. Bitfinex analysts have noted the continued decrease in the number of coins held by speculators to levels not seen in almost eight years. In contrast, hodlers have increased the number of coins in their wallets to a new record.
"The gap has widened over the past couple of weeks. Many short-term holders have either made minimal profits or minimized losses as the Bitcoin price returned to $28,500 [comparable to the average 'cost' level]," they explained.
Experts have examined various market cycle indicators and concluded that digital gold has overcome its bottom. One of these indicators is the dominance of stablecoins (their total market value compared to the overall market capitalization). The reduction in the supply of stablecoins suggests their conversion into digital assets, according to analysts. Currently, the metric has dropped into the range of 11-11.4%, which has historically signaled subsequent Bitcoin recoveries. This signal reinforces the forecast of increased volatility, according to specialists. An expected approval of a Bitcoin spot #ETF by the #SEC could serve as a potential rally driver. Matrixport estimates that investors could channel $20-30 billion into the new product.
Analysts have emphasized that, at present, the market capitalization of digital gold is equivalent to 10.8% of its physical counterpart. Market participants have invested approximately $200 billion in the latter's exchange-traded funds.
Experts have also justified their forecast by highlighting Bitcoin's lack of confiscation risk compared to precious metals.$BTC

QTUM/USDT chart analysis - 2H

$QTUM is making new lows, the price is currently #consolidating sideways near its resistance zone, Wait for the price to test zone for #ShortEntry as the previous low is expected to be tested.

#Entry : $2.666
Target : $2.363
SL : $2.852
#US_Inflation_Easing_Alert #VanEck_SOL_ETFS