Bitcoin Indicator That Nailed All Funds Predicts $15.6K BTC Price Floor

The MVRV-Z score is a tried-and-tested bottom indicator, but it's not back to basics yet, an analyst warns. Market news Bitcoin() must go down before putting a macro bottom, shows one of the most accurate indicators in the market. Data from sources including an on-chain analytics firm shows that Bitcoins MVRV-Z score is almost, but not quite, signaling a price reversal. MVRV-Z Mark Thumbs Down Macro Whether, or when, BTC/USD will move above its current macro lows of $17,600, new numbers suggest the market has yet to come down easily. As per Filbfilb, co-founder of trading suite Decentrader, the MVRV-Z score is now in its classic green zone, but not yet at the point that has accompanied low prices in the past. MVRV-Z measures how high or low the spot price of Bitcoin is relative to what is known as its fair value. It uses market capitalization and realized price data along with standard deviation to create what has proven to be one of the most effective bitcoin upper and lower prediction tools. MVRV-Z has captured every macro high and low on BTC/USD in its history, and done so with two-week precision, Data Resources notes. The metric has only dipped below its green zone a handful of times, the last being in March 2020, but greater downward pressure would deliver repeat performance. This table is *the one* for me, Filbfilb commented last read. We are normally down when MC Bitcoin MVRV-Z scoreboard. Source: Glassnode The lower $16,000 zone is gaining ground $15,600 would match existing predictions of where Bitcoin is due at the bottom. Related: In a Twitter follower update over the weekend, the popular CryptoBullet account included this area as one of several important support areas to watch. $16,000, he confirmed, also marks the average deviation from Bitcoin's 50-month moving average. Some very important levels: 16k - Average deviation from MA50 (-25%) 14k - Echo Bubble Top 2019 - Celsius Clearance - Key horizontal level CryptoBullet (@CryptoBullet1) Bitcoin's Relative Strength Index, or RSI, is already at its , another indication of the oversold nature of a market now below its previous high of nearly $20,000. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should do your own research when making a decision.