Bitcoin MVRV Z-Score fell back to $106,000, which is a key support level.

On August 21, Block Rhythm reported that an analyst stated Bitcoin continues to retreat from its historical highs. The one-year MVRV Z-Score has fallen back to near neutral, currently slightly below zero, indicating that the unrealized profits on the network have been compressed compared to the one-year average level, with more supply in a breakeven or loss state.

The key support level for Bitcoin is at a price of 106,000 USD for short-term holders. If the price falls below 106,000 USD, short-term holders will be overall in a loss position, and the market faces the risk of a deeper correction.

The recovery signal is when the Z-Score continues to rise above zero, while the price reestablishes itself above $118,000.

BTC-0.48%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 4
  • Repost
  • Share
Comment
0/400
FloorPriceWatchervip
· 08-21 08:28
Another big dump, it doesn't matter anymore.
View OriginalReply0
SignatureCollectorvip
· 08-21 08:22
It doesn't matter even if it falls, I can wait.
View OriginalReply0
SilentObservervip
· 08-21 08:21
Sideways will get rich~
View OriginalReply0
LayoffMinervip
· 08-21 08:20
10.6w turns empty and Rug Pull, no more playing.
View OriginalReply0
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)