CryptoQuant analyst Axel Adler Jr. said Bitcoin entered an early bull market phase on Aug. 20 after the ratio between the 30-day moving average and the 365-day moving average of adjusted MVRV crossed above its own 365-day moving average. According to Adler, Bitcoin was trading at $71,255 at that point. He added that the phase lasted 31 days, during which Bitcoin gained 13%. The statement was cited by ChainCatcher in a market analysis newsflash.
CryptoQuant analyst Axel Adler Jr. said Bitcoin entered an early bull market phase on Aug. 20 after the ratio between the 30-day moving average and the 365-day moving average of adjusted MVRV crossed above its 365-day moving average. Bitcoin was priced at $71,255 at the time, according to ChainCatcher.
Adler said the phase lasted 31 days, during which Bitcoin rose 13%.
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