The Data Bulls Are Waiting for to Step into the Spotlight: MVRV SMA365 - Why is it Important?
Let's first take a look at the data we have 👇
MVRV --> 1.92
SMA365 (MVRV) --> 2.00
When we historically examine MVRV and its 365-day moving average, we encounter a striking result. After the MVRV prices above the SMA365, we witness the bulls stepping into the spotlight for Bitcoin. At the moment, we have data showing a rising MVRV after its recent local bottom (from 1.71 to 1.90).
So, what are the bulls waiting for?
✅ Conclusion
Uncertainty in financial markets probably affects the risk appetite of the bulls the most.
There are two important upcoming events in the near to mid-term future. The first is the Fed's interest rate decision meeting on September 18 (whether it will be a 25 or 50 basis points cut). The other is the U.S. elections set to take place in November. Until these events are resolved, we may see a period where MVRV and SMA365 move closely together (this is my personal opinion).
However, after these uncertainties clear, it's not far-fetched to see a market where the MVRV prices above the SMA365 again, and the bulls dance under the spotlight.
Written by burakkesmeci
