Bitcoin trades in ‘enthusiastic’ phase as data hints at upcoming range expansion
Bitcoin’s volatility is compressing, which is a sign that a sharp range expansion is brewing.
Bitcoin (BTC) price continued to slump on June 3 and now trades 20% below its all-time high of $73,835. The current price action reflects the “apathy and boredom” that dominate the market, but onchain metrics hint that Bitcoin is prepping for a “larger move” in the near future, according to a Glassnode report.
Bitcoin price has had an impressive run so far in 2024, with the flagship cryptocurrency breaching its all-time high on March 5. Bitcoin has since corrected, dropping below the $60,000 level thrice over the last ten days, leading to “fear and bearish” sentiments as apathy took over.
Despite this, the Market Value Realized Value (MVRV) metric reveals that a significant proportion of Bitcoin investors remain in profit, as noted by market intelligence firm Glassnode.
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Author: Nancy Lubale
