{"id":646517,"date":"2024-10-06T05:30:43","date_gmt":"2024-10-06T05:30:43","guid":{"rendered":"https:\/\/www.wncen.com\/?p=646517"},"modified":"2024-10-06T06:06:20","modified_gmt":"2024-10-06T06:06:20","slug":"bitcoin-holds-steady-as-bullish-breakout-awaits-these-conditions-details","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/bitcoin\/bitcoin-holds-steady-as-bullish-breakout-awaits-these-conditions-details\/","title":{"rendered":"Bitcoin Holds Steady As Bullish Breakout Awaits These Conditions &#8211; Details"},"content":{"rendered":"<p><span style=\"font-weight: 400\">According to data from CoinMarketCap, Bitcoin currently hovers near the $62,000 price mark with no significant movement in the past day. Notably, the premier cryptocurrency has slipped into a minor consolidation state since the little gains recorded on Friday. <\/span><span style=\"font-weight: 400\">However, for long-term traders, Bitcoin has remained in a range-bound movement stretching to March. And while many investors are <a href=\"https:\/\/www.wncen.com\/news\/bitcoin\/bitcoin-price-skyrocket-118000-by-year-end\/\" target=\"_blank\" rel=\"noopener \">highly expectant of a bullish breakout in Q4 2024,<\/a> certain market conditions must be met.<br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/news\/bitcoin\/bitcoin-futures-liquidation-forms-local-price-bottom-a-return-to-65000-inevitable\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Futures Liquidation Forms Local Price Bottom \u2014 A Return To $65,000 Inevitable?<\/a><span style=\"font-weight: 400\"><br \/>\n<\/span><\/div>\n<h2><strong>Bitcoin MVRV, CQ Bull &amp; Bear Indicators Show Market Uneasiness<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">In a <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/670042dbc1ff132140ada4dc-MVRV-and-CQ-Bull-Bear-Metrics-Indicate-Market-Poised-for-Key-Developments\" target=\"_blank\" rel=\"noopener nofollow\">Quicktake post<\/a> on CryptoQuant, an analyst with username burakkesmeci shares that the Bitcoin market is currently set for key price movements. Based on the MVRV Ratio and CQ Bull &amp; Bear metric, burakkesmeci notes that Bitcoin investors are presently showing a significant level of market anticipation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">For context, the<a href=\"https:\/\/www.wncen.com\/bitcoin-news\/heres-what-will-happen-if-bitcoin-respects-this-mvrv-ratio-support-level\/\" target=\"_blank\" rel=\"noopener \"> MVRV Ratio<\/a> compares the current price of Bitcoin to its realized value i.e. the price at which the asset last moved on-chain. It is generally used to indicate if Bitcoin is undervalued or overvalued relative to its realized value.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">When the MVRV ratio crosses above its 365-day Simple Moving Average (SMA 365), it indicates a bullish trend as investors are seeing a year-to-date gain on their assets. However, burakkesmeci notes that Bitcoin\u2019s MVRV currently at 1.90 has been hovering just below its SMA 365 (2.03) since July showing the BTC market remains in a steady position waiting for a breakout.<\/span><\/p>\n<p>The analyst has also observed a similar pattern in the CQ Bull &amp; Bear indicator which measures recent price action relative to longer-term price movements. According to burrakesmeci, the CQ Bull &amp; Bear metric has been oscillating slightly below its SMA 365 (0.46) since August enforcing the notion that the Bitcoin market is in a holding pattern.<\/p>\n<p>&nbsp;<\/p>\n<figure id=\"attachment_646518\" aria-describedby=\"caption-attachment-646518\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-646518 size-large\" src=\"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/10\/bC9Q7_33761a265dade9a033a3c8019129c7d258f763255f1f5442e4ab295511be5959.png?w=860&#038;resize=860%2C244\" alt=\"Bitcoin\" width=\"860\" height=\"244\" srcset=\"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/10\/bC9Q7_33761a265dade9a033a3c8019129c7d258f763255f1f5442e4ab295511be5959.png?w=1280 1280w, https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/10\/bC9Q7_33761a265dade9a033a3c8019129c7d258f763255f1f5442e4ab295511be5959.png?w=460 460w, https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/10\/bC9Q7_33761a265dade9a033a3c8019129c7d258f763255f1f5442e4ab295511be5959.png?w=768 768w, https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/10\/bC9Q7_33761a265dade9a033a3c8019129c7d258f763255f1f5442e4ab295511be5959.png?w=860 860w, https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/10\/bC9Q7_33761a265dade9a033a3c8019129c7d258f763255f1f5442e4ab295511be5959.png?w=750 750w, https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/10\/bC9Q7_33761a265dade9a033a3c8019129c7d258f763255f1f5442e4ab295511be5959.png?w=1140 1140w\" sizes=\"auto, (max-width: 860px) 100vw, 860px\"><figcaption id=\"caption-attachment-646518\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/news\/bitcoin\/bitcoin-investors-show-fear-could-a-price-bottom-be-imminent\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Investors Show Fear \u2013 Could A Price Bottom Be Imminent?<\/a><\/div>\n<h2><strong>Factors That Will Spark A Bitcoin Rally<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">For Bitcoin to experience a bullish breakout from its current holding position, burakkesmeci highlights certain events that must occur. First, he notes that the Federal Reserve must fully engage in a rate-cut cycle, gradually lowering interest rates over time. <\/span><span style=\"font-weight: 400\">Interestingly, following a 50 basis points cut in September, market experts are tipping the Fed to implement another 25% cut at their next FOMC meeting in November.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Another bullish factor highlighted by burakkesmeci is an impending quantitative easing which will see the US government inject liquidity into the economy. It is expected that higher liquidity will allow individuals to explore risky investments such as Bitcoin.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin trades at $62,009 with a 0.02% loss in the past 24 hours. Meanwhile, the asset\u2019s daily trading volume is down by 53.80% and valued at $12.97 billion.\u00a0<\/span><\/p>\n<figure style=\"width: 1480px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/KNaK2Ca0\/\" alt=\"bitcoin\" width=\"1480\" height=\"893\"><figcaption class=\"wp-caption-text\">BTC trading at $62,000.01 on the daily chart | Source: BTCUSDT chart on Tradingview.com<\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\"><em>Featured image from StomGain, chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>According to data from CoinMarketCap, Bitcoin currently hovers near the $62,000 price mark with no significant movement in the past day. Notably, the premier cryptocurrency has slipped into a minor consolidation state since the little gains recorded on Friday. However, for long-term traders, Bitcoin has remained in a range-bound movement stretching to March. And while many investors are highly expectant of a bullish breakout in Q4 2024, certain market conditions must be met. Related Reading: Bitcoin Futures Liquidation Forms Local Price Bottom \u2014 A Return To $65,000 Inevitable? Bitcoin MVRV, CQ Bull &amp; Bear Indicators Show Market Uneasiness In a Quicktake post on CryptoQuant, an analyst with username burakkesmeci shares that the Bitcoin market is currently set for key price movements. Based on the MVRV Ratio and CQ Bull &amp; Bear metric, burakkesmeci notes that Bitcoin investors are presently showing a significant level of market anticipation.\u00a0 For context, the MVRV Ratio compares the current price of Bitcoin to its realized value i.e. the price at which the asset last moved on-chain. It is generally used to indicate if Bitcoin is undervalued or overvalued relative to its realized value.\u00a0 When the MVRV ratio crosses above its 365-day Simple Moving Average (SMA 365), it indicates a bullish trend as investors are seeing a year-to-date gain on their assets. However, burakkesmeci notes that Bitcoin\u2019s MVRV currently at 1.90 has been hovering just below its SMA 365 (2.03) since July showing the BTC market remains in a steady position waiting for a breakout. The analyst has also observed a similar pattern in the CQ Bull &amp; Bear indicator which measures recent price action relative to longer-term price movements. According to burrakesmeci, the CQ Bull &amp; Bear metric has been oscillating slightly below its SMA 365 (0.46) since August enforcing the notion that the Bitcoin market is in a holding pattern. &nbsp; Related Reading: Bitcoin Investors Show Fear \u2013 Could A Price Bottom Be Imminent? Factors That Will Spark A Bitcoin Rally For Bitcoin to experience a bullish breakout from its current holding position, burakkesmeci highlights certain events that must occur. First, he notes that the Federal Reserve must fully engage in a rate-cut cycle, gradually lowering interest rates over time. Interestingly, following a 50 basis points cut in September, market experts are tipping the Fed to implement another 25% cut at their next FOMC meeting in November.\u00a0\u00a0 Another bullish factor highlighted by burakkesmeci is an impending quantitative easing which will see the US government inject liquidity into the economy. It is expected that higher liquidity will allow individuals to explore risky investments such as Bitcoin.\u00a0 At the time of writing, Bitcoin trades at $62,009 with a 0.02% loss in the past 24 hours. Meanwhile, the asset\u2019s daily trading volume is down by 53.80% and valued at $12.97 billion.\u00a0 Featured image from StomGain, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":646519,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[86073,93152,86686,6481,1144,78790],"class_list":["post-646517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin-breakout","tag-bitcoin-cq-bull-bear","tag-bitcoin-mvrv-ratio","tag-bitcoin-rally","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin Holds Steady As Bullish Breakout Await These Conditions - Details<\/title>\n<meta name=\"description\" content=\"Many Bitcoin investors are highly expectant of a bullish breakout in Q4 2024, but certain market conditions must be met.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wncen.com\/news\/bitcoin\/bitcoin-holds-steady-as-bullish-breakout-awaits-these-conditions-details\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Holds Steady As Bullish Breakout Await These Conditions - Details\" \/>\n<meta property=\"og:description\" content=\"Many Bitcoin investors are highly expectant of a bullish breakout in Q4 2024, but certain market conditions must be met.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wncen.com\/news\/bitcoin\/bitcoin-holds-steady-as-bullish-breakout-awaits-these-conditions-details\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-06T05:30:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-06T06:06:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/10\/bitcoin-price-predction-main.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1120\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Semilore Faleti\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/SemiloreFaleti\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Semilore Faleti\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.wncen.com\/news\/bitcoin\/bitcoin-holds-steady-as-bullish-breakout-awaits-these-conditions-details\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.wncen.com\/news\/bitcoin\/bitcoin-holds-steady-as-bullish-breakout-awaits-these-conditions-details\/\"},\"author\":{\"name\":\"Semilore Faleti\",\"@id\":\"https:\/\/www.wncen.com\/#\/schema\/person\/6280b76d69630ffb2f2fa78670d85d49\"},\"headline\":\"Bitcoin Holds Steady As Bullish Breakout Awaits These Conditions &#8211; 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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