Bitcoin (BTC) Shows Signs of Renewed Optimism as Several Key Indicators Turn Positive

Bitcoin (BTC) menunjukkan tanda-tanda keyakinan yang diperbaharui kerana beberapa petunjuk utama telah bertukar positif, menurut seorang penganalisis dalam rantaian yang terkenal.

Penganalisis crypto samaran Checkmate, yang terkenal dengan cerapan pasarannya, telah berkongsi pemerhatian positif mengenai Bitcoin (BTC) dalam analisis baru-baru ini. Dengan lebih 98,000 pengikut di platform media sosial X (dahulunya Twitter), analisis Checkmate memberikan perspektif berharga tentang dinamik pasaran Bitcoin.

Menurut Checkmate, beberapa petunjuk utama bertukar positif untuk Bitcoin, mencadangkan peralihan dalam momentum pasaran. Salah satu penunjuk utama ialah nisbah Active-Value-to-Investor-Value (AVIV), yang baru-baru ini beralih daripada arah aliran menurun kepada isyarat neutral.

“Bitcoin market momentum is back to neutral across multiple timeframes. Not strictly bullish, but no longer bearish (which is kinda bullish…relatively speaking),” stated Checkmate.

This change in momentum is significant as it may indicate an easing of the extreme bearish sentiment that has dominated the market recently, potentially creating a more favorable environment for price recovery.

Another encouraging indicator highlighted by Checkmate is the short-term holder (STH) supply metric, which tracks the number of coins held for less than 155 days. According to the analyst, this metric is beginning to show bullish signs.

“When the market is ‘top-heavy,’ it usually means that a large portion of recent buyers (less than 155 days) are still at a loss (unrealized) and are thus applying selling pressure to get out of the red. This metric is beginning to show bullish signs from a STH perspective,” explained Checkmate.

Furthermore, Checkmate noted Bitcoin's increasing correlation with traditional assets like gold and equities. Over the past 30 days, Bitcoin has been moving in tandem with these markets, both of which have experienced upward trends.

“Bitcoin is currently very correlated with Gold and equities over the last 30 days. Which I suppose is kinda good, considering those assets are all hitting new ATHs (all-time highs),” observed Checkmate.

This correlation is particularly important as it suggests that Bitcoin could benefit from the positive momentum in traditional markets. When Bitcoin aligns with assets traditionally considered safe havens, such as gold, it may attract a different class of investors.

Despite these positive indicators, Bitcoin is currently trading down 4% in the last 24 hours at $60,994. This drop comes amid a broader market reaction to geopolitical tensions, particularly in the Middle East, which have created volatility across various asset classes, including cryptocurrencies.

“The recent drop in BTC price is likely due to the uptick in geopolitical tensions, particularly in the Middle East. This has caused a broader market reaction, with many asset classes (including crypto) showing some volatility as a result of the news,” stated Checkmate.

While the short-term outlook may seem shaky with this recent dip, the positive trends in key indicators, such as the AVIV ratio and short-term holder supply, could provide a foundation for a recovery if market sentiment shifts favorably.

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