Bitcoin price tests the $66,000 level and records a signal that predicts further rise
Bitcoin price has been shining in the past few hours as it surpassed the $65,000 level, which was once a crucial resistance for the currency price.
Bitcoin recorded a bullish signal after the market value-to-realized value (MVRV) indicator crossed the 365-day moving average level, which is considered a bullish signal according to analysts at the âCryptoQuantâ platform.
The MVRV exceeding its average of 2.02 at 2.04 indicates that Bitcoin may rise in the coming period.
The cryptocurrency rose to $66,439 during the day before retreating slightly to $65,600.
Despite the slight decline, Bitcoin rose by 11.5% this month, which reflects a strong performance compared to historical expectations for September.
There are only two days left until the end of September, when the price of Bitcoin started at $59,000 and is currently hovering above $65,000, an increase of more than $6,000.
Will the price of Bitcoin remain at this level and close above it, or will it rebound downward?
