Bitcoin enthusiasts have several reasons to cheer July 4 sessions. On-chain stats show the worst could be over for BTC (according to celebrated researchers). Moreover, the bellwether crypto saw noted bullish surges since July 3, translating to a lucrative start to July.
Renewed BTC Optimism on Charts
Bitcoin fans have reasons to cheer positive reactions on the platform following the latest downturn. The recent tweet by Santiment confirmed long positions increased in exchanges during the early sessions of July 4.
It added that investors’ optimism is generally high during holidays. Moreover, that raises worries as whales could try to punish the ‘overly eager.’
Ali Martinez, a crypto analyst, also revealed his analysis, indicating that Bitcoin could have left the worst behind. Martinez utilized the 365d MVRV metric by Santiment. The index timed the past market bottoms (in 2 bearish cycles).
The MVRV index marked the January 2015 bottom after hitting -56.85%. Also, striking -55.62% flashed the bear market bottom of December 2018.
Meanwhile, the prevailing massive bearishness had this value plummeting to -50.09% during mid-June sessions and currently stands at -48.23%. Can this stimulate bulls as we end the unsatisfying Q2?
What About Data?
Bitcoin has its price movement consolidating within $18K – $22K as bears and bulls remain unsure of market volatility trends. While publishing this content, BTC traded at $20,241, following a 5.7% surge within the past day.
The nearly 50% surge in network volume supported the latest revival attempt by Bitcoin. That means an impressive signal as the leading alt battles challenging market conditions.
Also, the MVRV has seen substantial fluctuations since mid-June. The figure witnessed gradual increases during the late June recovery. The MVRV ratio remains in an impressive spot despite the plunged price and volatility BTC has seen.
The Bitcoin-Musk Affair
Though figures show some recovery signals, Tesla ended a calamitous Q2 on June 30. With the CEO’s $1.5B BTC investments, Elon Musk must have swum from the losses.
Moreover, Musk’s decisions haven’t matched the plan as far as financials are concerned. Telegraph reports suggest Tesla’s quarterly earnings (later this month) might reveal an impairment of about $440M on its BTC holdings, equaling 9% of its yearly returns in 2021.