According to Odaily Planet Daily, although Bitcoin may pull back further, its good MVRV score and strong fundamentals will help it rise in the long run. CoinGlass data shows that the MVRV-Z score fell from 3.3 last week to 2.84, and below 3.7 indicates that the asset is undervalued.
Bitcoin's MVRV score was 3.03 in March this year and 7 in January 2021, suggesting a possible recovery in the coming weeks. In addition, the number of BTC in circulation fell to 2.24 million, indicating that investors tend to self-custody wallets and accumulate ETF shares.
The market value of stablecoins has increased to nearly $210 billion from $122 billion a year ago, and Bitcoin's annual inflation rate has dropped to 1.12% from nearly 12% in 2015 due to halving events and increased mining difficulty.
