The latest report from Bitfinex suggests that Bitcoin (BTC) may be on the verge of a price recovery as selling pressure from short-term holders appears to be decreasing. Since BTC's all-time high in March, the market has been bearish, with the Exchange Whale Ratio indicating large deposits by whales, possibly for profit realization. However, the Market Value to Realized Value (MVRV) ratio for short-term holders, currently in the 0.9 to 1 range, suggests a waning selling pressure, often seen during bull market corrections.

Furthermore, the short-term holder MVRV ratio is at 0.96, a level that often precedes a market recovery, indicating that short-term holders could be nearing selling exhaustion. The Bitcoin Fundamental Index (BFI), which assesses network health, including wallet activity and transaction volume, is at an inflection point, hinting at a potential price recovery. Bitfinex stated that this potential positive movement largely depends on liquidity expectations, making the future decisions of the FOMC meeting crucial. #eth‬ #CryptoWatchMay2024 #BinanceExplorers #WLDBreakout