The cryptocurrency market has witnessed intriguing actions (this month) following bearish waves that struck down top digital assets. The global cryptocurrency market cap also declined beneath $1 trillion, deteriorating crypto institutions like Celsius and 3AC. Bitcoin struggled with massive drawbacks during the phase.
BTC hit lows never witnessed since December 2020, following a continued plunge beneath $17,750. Opening the months near $32.2K, the leading crypto by market cap took a massive blow, changing hands beyond the $21,000 mark at this publication. BTC gained over 2% within the price day and 0.05% down over the week. That signaled recoveries after the crypto traverse bearish actions in June’s early sessions.
Approaching Market Bottom
CryptoQuant, an on-chain data platform, published the recent updates on Bitcoin, revealing that the crypto exhibits undervalued situations at the current price. Moreover, several on-chain indicators suggest BTC is near a market bottom.
Net Unrealized Loss/Profit indicator for Bitcoin hovered near -0.06 at this publication. That is the first sign of approaching a market bottom. Many addresses registered losses during the recent crypto crash, as BTC plummeted to 18-month lows of $17,744.
CryptoQuant states that the MVRV ration saw a significant slump during the ongoing run. The figure stood at 0.93 during this publication, confirming undervalued conditions for Bitcoin. Nevertheless, the Miner’s Position Index saw a brief spike, though still projected at -0.6. That means miners’ circulation exceeds their daily distributions in YTD’s moving average.
Furthermore, miners have increasingly offloaded holdings to crypto exchanges. That can reflect some miners’ returns not meeting the break-even level.
Meanwhile, most investors trust this is the time to accumulate again to recoup incurred losses. With crypto regulatory proposals ongoing in the US, market players can hope for bullish surges in the upcoming months.
For now, Bitcoin contemplates further upside. The crypto market space saw improved sentiment over the past 24 hours. While writing these lines, the cumulative value of all digital assets stood at $964.21 billion, gaining 4.06% within the past 24 hours. Meanwhile, the overall market volume increased by 3.16% within the last day to $64.24 billion.
Stay tuned for the latest crypto updates.
