Bitcoin: Is the Worst Over for BTC After Monday’s Price Collapse
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Bitcoin’s price correction on August 5 to $49,000 resulted in significant liquidations. Despite this, the MVRV ratio indicates that Bitcoin is not yet overvalued, suggesting future potential gains. Institutional investors were key in driving the recent rally, though retail participation remains lower than in past bull markets. Recent ETF netflows and active address upticks suggest potential price stability. Technical analysis indicates further buying pressure might push BTC towards $60,000 while expanding Bollinger Bands hint at ongoing price rebounds. However, intense selling could still lead BTC to drop to $54,482.
Source: beincrypto.com ↗
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