- While many investors remain bearish against market conditions, BTC
seems to be quietly planning to break away from the current price trend. - According to data, BTC’s price has dropped by more than 0.30% in the last 24 hours. At the time of writing, it is trading at $26,020 and has a market value of over $507 billion.
- According to data released by a popular analyst, TrueUSD’s market value has started to increase recently. Historically, when TUSD’s market value has increased, BTC’s price has also increased in the same way.
Current metrics indicate an increase in TUSD’s market value and suggest that the downward trend in Bitcoin may soon come to an end.
Bitcoin is preparing to break away from the downward trend
After the last price correction on August 16th, Bitcoin’s price settled around $26,000. While many investors remain bearish against market conditions, BTC seems to be quietly planning to break away from the current price trend.
According to data, BTC’s price has dropped by more than 0.30% in the last 24 hours. At the time of writing, it is trading at $26,020 and has a market value of over $507 billion. However, the downward trend may soon come to an end. According to data released by a popular analyst, TrueUSD’s market value has started to increase recently. While this is happening, the market value charts of other stablecoins have remained relatively flat. Historically, when TUSD’s market value has increased, BTC’s price has also increased in the same way.
Similar situations have occurred earlier this year in January, March, and July, giving hope for a price increase this time as well. Additionally, according to Glassnode’s data, BTC’s NVT Signal has reached its lowest level in the past month, at 1.292.206. A low NVT signal indicates that investors are evaluating Bitcoin at a discounted price.
Furthermore, a low NVT Signal indicates a possible market bottom and suggests that it is the right time to accumulate Bitcoin. In fact, whales have already started accumulating, which is a sign that they expect the price of the coin to rise in the near future.
Recently, addresses holding between 10 and 10,000 BTC have added 11,629 coins to their current supply since the collapse on August 17th.
A Bitcoin bull rally is around the corner
Not only the aforementioned updates, but some other metrics also supported the likelihood of price increases. For example, BTC’s exchange reserves decreased. BTC’s aSORP was also green, indicating that more investors were selling at a loss. However, in the middle of a bear market, this could mean a market bottom.
Another bullish metric was Bitcoin’s Binary CDD being green, indicating that long-term holders’ movements in the past seven days were below average. Additionally, according to Coinglass, Bitcoin’s Open Position has decreased, increasing the likelihood of a trend reversal.
