Hitting the Reset Button
Dec 9, 2021
• 6
Min Read
Key Takeaways
We see Bitcoin’s recent price action coupled with a lack of substantially leveraged positions as an encouraging sign.Hash rate has surged since Friday’s washout, pointing toward a network of miners that feel optimistic about the near-term trajectory of the BTC price.SOPR indicates that the majority of selling pressure is coming from short-term investors who lack conviction in Bitcoin’s current price trend.MVRV has decreased, implying a higher network cost basis, which we view as positive for Bitcoin’s near-term potential.Bottom Line – By no means was last weekend fu...