Bitcoin (BTC) is on a volatile ride inside a five-month price range between $60,000 and $72,000. However, the Market Value to Realized Value (MVRV) and Network Value-to-Transaction (NVT) onchain indicators suggest BTC could be ready for expressive growth.

On July 26, these metrics hint at a favorable scenario for Bitcoin to retest and possibly break the range’s resistance.

As of this writing, Bitcoin trades at $67,500 with a recovering 90-day MVRV ratio of 4.74% and a circulation-based NVT in a downtrend at 248 points. The potential breakout, however, may not occur immediately, and BTC could retest the range’s support before bouncing back up.

Read more at Finbold: https://finbold.com/bitcoin-price-is-set-for-expressive-growth-according-to-key-indicators/

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Bitcoin’s Network Value-to-Transaction (NVT) ratio reached an all-time high on July 20. The NVT indicator is often compared to the price-to-earnings (P/E) indicator for stocks, which is used for fundamental analysis.

As observed, Bitcoin’s seven-day NVT ratio is at 231 considering a $36.5 billion transaction volume at $66,500. In 2021, the Network Value-to-Transaction peaked at 58 with BTC trading at $44,800 and $106.92 billion transacted on-chain.

This is a direct result of an aggressive increase in the BTC price, which was not followed by network activity. In summary, the cryptocurrency price is rising while Bitcoin’s transaction volume is holding at historically low levels.

Therefore, this suggests a mostly speculative demand for an asset without a proportional organic demand and could hint at an impending correction if the network activity does not pick up.

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I have seen a lot of comments on social media regarding the end of the bull market. What is the general trend in social media?

Bullish Sentiment (Red Bars):

• The trend line for bullish sentiment shows a gradual decline over time. This indicates that, despite some spikes, the overall volume of bullish mentions has been decreasing.

Bearish Sentiment (Blue Bars):

• The trend line for bearish sentiment also shows a decline, but it is less pronounced than the bullish sentiment. This suggests that the volume of bearish mentions has also been decreasing, although not as steeply as the bullish mentions.

Interpretation:

The declining trend in both sentiments might indicate a period of consolidation or reduced market excitement after significant price movements.

It's essential to monitor these trends in conjunction with other market indicators better to understand the potential future movements in the Bitcoin market.

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