- As of 3 July, BTC managed to cross the $31k mark amid its latest bullish strides.
- However, BTC’s long/short ratio tipped in favor of short traders.
Cryptocurrency traders and investors entered Q3 2023 with a new-found zeal thanks to the optimistic state of the market. Bitcoin [BTC], in particular, could be considered responsible for this latest market cheer because as of 3 July, BTC managed to stand at $31,196.
With BTC crossing the $31k mark, crypto advisor Will Clemete took to Twitter to share his thoughts about the same. The tweet highlighted BTC’s chart of long-term holder Market Value to Realized Value (MVRV).
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Clemete pointed out the similarities between the end of bear markets in 2012, 2016, 2019, and 2023. The tweet also stated that BTC’s bullish stride was only at its beginning.
Onwards and upwards…
In addition to Will Clemente’s tweet, an analyst from CryptoQuant, yblockchain_, also promoted BTC’s bullish stance. As per yblockchain_ and his analysis, BTC’s NUPL value reached the ‘Optimism’ zone as of 3 July. Furthermore, the NUPL value also witnessed an increase recently.
A rise in BTC’s NUPL value indicates that traders are profitable, the market is overripe, and investors have a certain amount of belief in the cryptocurrency. This could be taken as a bullish sign for BTC, especially around its price action in the coming days.
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Author: Aashna Dunwani