💰💰Bitcoin Bulls on Stage: Special Metric Gives Strong Bullish Signal! 💰💰

According to data provided by CryptoQuant analysts, Bitcoin's MVRV metric is once again showing positive signals. Historically, when MVRV rose above its 365-day moving average (SMA365), bulls dominated the Bitcoin market.

After recently forming a local bottom, there has been a significant increase in the MVRV metric. The metric rose from 1.71 to 2.04 and is currently trading above SMA365 at 2.02. This is considered a strong indicator that the bulls are back in action.

Analysts state that MVRV moving above SMA365 is a positive signal for Bitcoin, and that Bitcoin is testing the $66,000 level with this development. Bitcoin, which has increased by 1% in the last 24 hours, is trading at $64,214 at the time of writing.

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