Bitcoin Regains Strength, Market Shows Signs of Consolidation
Bitcoin has bounced back, surpassing the $61,000 mark. HODLers remain dominant with control over 12.87 million BTC. The market is slightly overvalued but not alarmingly so, according to the MVRV ratio.
Miner influence is decreasing, potentially leading to less volatile markets. Positive sentiment prevails with most Bitcoin addresses in profit. However, indicators suggest a cautious approach. Bollinger Bands are narrowing, hinting at potential price consolidation. Chaikin Money Flow is slightly negative, and RSI indicates balanced conditions.
