This Bitcoin Metric Hints At Bottom, Is BTC Out The Woods?

Bitcoin has chosen violence. The first crypto by market cap trades at $57,873 with a 3% loss in the daily and an 11.2% loss in the weekly chart. After making a push close to $60,000 Bitcoin was rejected and has trended to the downside for the past 2 hours. The benchmark crypto might have reacted to the potential re-appointment of the U.S. FED Chair Jerome Powell to his position for a second term. Data from Material Indicators suggest the move to the upside was driven by investors with orders with an estimated value above $1 million (whales). As seen in the chart below, these investors, along with retail investors and others with bid orders above $1,000 sold as soon as BTC’s price reached $59,000. As the chart shows, there is almost no resistance or support for Bitcoin at the levels. To the downside, significant supports (below the blue line, BTC’s price, in the chart) sit at around $55,000, and to the upside, $60,000 stands as the biggest resistance (above the blue line in the chart) for BTC’s price in the short term. According to data from Glassnode, the Short-Term Long Term Realized Valued (SLRV) for Bitcoin is back to below 0.4. As seen in the chart below, whenever BTC’s price hits these levels, the cryptocurrency tends to appreciate. Pseudonym analyst On-Chain College commented the following on what this indicator suggests for Bitcoin in higher timeframes: What I find most interesting is the relationship of this ratio betw...