The last trading week saw Bitcoin produce another price rebound as the premier cryptocurrency moved to reclaim the $95,000 price region. However, bullish momentum seems to have stalled in the past day amidst a minor retracement and an ongoing price consolidation.
Notably, speculations over Bitcoin’s ability to sustain the current uptrend also persist. Interestingly, popular crypto analyst Burak Kesmeci has shed some light on possible developments that could decide BTC’s price movement in the immediate future.
Bitcoin MVRV Faces Resistance At 365 SMA
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In an X post on Saturday, Kesmeci reports that the Bitcoin MVRV is now facing an important resistance at its 365-day simple moving average (365SMA). The analyst explains that potential developments from this situation are influential to Bitcoin’s mid-term future.
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