Bitcoin Bull Market Has Plenty Steam Left, Indicators Suggests

Posted on by American Coins & Gold

Bitcoin Bull Market Has Plenty Steam Left, Indicators Suggests
Bitcoin has risen over 40% this month, reaching a new record price of $66,879 on expectations that the recently listed ProShares exchange-traded fund (ETF) tied to the cryptocurrency’s futures would bring more mainstream money into the market.Such a steep ascent often has investors assessing whether the party is coming to a close, especially when popular technical indicators like the relative strength index (RSI) signal overbought conditions, as with bitcoin.However, blockchain metrics like the MVRV Z-score and a lesser-known chart-based indicator, Mayer Multiple, suggest the bull run has plenty of steam left.The market value-to-realized value (MVRV) Z-score that measures the deviation…