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Bitfinex report suggests Bitcoin may recover faster than expected Commentary

As cryptocurrency investors wait for a repeat of March's bull run, a positive report suggests that bitcoin's recovery may be faster than expected, Bitcoin Sistemi reported on Sunday (local time). In Bitfinex's weekly report, analysts noted that short-term selling pressure in markets including...

Bitfinex report suggests Bitcoin may recover faster than expected Commentary

As cryptocurrency investors wait for a repeat of March's bull run, a positive report suggests that bitcoin's recovery may be faster than expected, Bitcoin Sistemi reported on Sunday (local time). In Bitfinex's weekly report, analysts noted that short-term selling pressure in markets including bitcoin has slowed, suggesting that bitcoin's recovery could be faster than expected.

The report noted that Bitcoin's MVRV (market value to realized value) ratio has fallen to 0.96, a level that typically precedes a market recovery. The report also explained that the current MVRV indicator shows that the selling pressure from short-term investors is coming to an end, which means a quick recovery is likely.

Meanwhile, analysts at Bitfinex said that it is difficult to predict which direction the price of ETH will move in the medium term, and this uncertainty is reflected in the price. On CoinMarketCap, bitcoin was trading at $63,537 in the afternoon New York City time, up 0.2% from 24 hours earlier, while ETH was down 0.2% at $3068.

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