Bitcoin is currently trading near the $62,000 mark without significant movement, indicating a minor consolidation state since last Friday's gains. Long-term traders have observed range-bound movements stretching back to March, with anticipation of a bullish breakout in Q4 2024 contingent on specific market conditions.
Based on the MVRV Ratio and the CQ Bull & Bear indicator, the Bitcoin market shows a level of anticipation according to analyst burakkesmeci on CryptoQuant. The MVRV Ratio, which compares Bitcoin's current price to its realized value, suggests a trend just below the SMA 365 mark as investors await a breakout.
The CQ Bull & Bear indicator mirrors this pattern, measuring action relative to longer-term price movements. For a breakout, the Federal Reserve must fully engage in a rate-cut cycle, likely following September's 50 basis points cut. Another factor is a potential increase in liquidity via quantitative easing.
At the time of reporting, Bitcoin trades at $62,009 with a slight loss over 24 hours, and trading volume has dropped 53.80%. Overall, the indicators show the market is poised yet waiting for conditions to spark a rally.
