Bitfinex: Bitcoin Stuck Between Bull and Bear Trends
- —Bitcoin peaked at $87,392 on September 21, its highest since late January, then fell to $83,000
- —Supply in profit rose to 78.2% from 63% a week earlier
- —MVRV climbed from 1.09 to 1.62 but remains below its long-term average of about 1.8
- —Spot bitcoin ETFs drew $2.31 billion for the week; Strategy bought 950 BTC and Strive 1,355 BTC
Why it matters: Holding above ETF investors' $86,000 breakeven and corporate buyers' $80,500 average cost will determine whether the bullish reversal is confirmed.
Source: ForkLog