⭐⭐3 Data Can Summarize Everything in Bitcoin: It Worked Many Times! ⭐⭐

On-chain analysis platform CryptoQuant drew attention to 3 important data for Bitcoin (BTC).

According to CryptoQuant's Twitter post dated July 22, 3 data that are critical for Bitcoin give bullish signals. MVRV Ratio, an important metric in Bitcoin analysis, showed that Bitcoin price was hovering above the average cost base of short-term holders.

This situation was considered extremely important in terms of continuing the upward trend and encouraging new capital flows.

Another metric that shows whether Bitcoins spent or transferred in blockchain transactions are in profit or loss pointed to the overall market recovery, as most spent Bitcoins indicate that they are in profit.

This data has historically worked reliably and been used to predict market direction:

Past Bitcoin price cycles highlight the importance of price stability and bullish market sentiment above the average cost base for short-term investors.

This metric classifies investors who hold Bitcoin for less than six months (short-term investors) and new market participants who hold Bitcoin for less than a month, based on their average cost base.

Bitcoin, which has increased by 1% in the last 24 hours, is currently traded at $ 67,400.

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