Bitcoin MPI Rises To Highest Value Since March 2021, Bull Rally Soon?
14 Marzo 2022 - 1:00PM
NEWSBTC
On-chain data suggests the Bitcoin MPI indicator has observed a
rise recently, now reaching the same values as March 2021. Past
pattern may hint that a bull rally could follow here. Bitcoin MPI
Seems To Be Catching Some Uptrend After Months Of Inactivity As
explained by an analyst in a CryptoQuant post, the BTC MPI metric’s
current trend may suggest that a bull rally could occur soon, if
historical pattern is anything to go by. The “Miners’ Position
Index” (or the MPI in short) is an indicator that’s defined as the
ratio of the number of all Bitcoin miners’ outflows divided by the
365-day moving average of the same. In simpler terms, what this
metric tells us is how the miner selling behavior is right now
compared to the average over the past year. When the value of this
indicator rises, it means miners are selling more BTC recently. On
the other hand, the index’s value going down implies miners are
turning less active as they are moving around a lower amount of
coins. Related Reading | Buying Bitcoin Might Be Good Call For
The Young, Legendary Trader Peter Brandt Says Now, here is a chart
that shows the trend in the BTC MPI over the past few years: Looks
like the value of the indicator has been on the rise recently |
Source: CryptoQuant As you can see in the above graph, the quant
has marked three important regions of trend for the Bitcoin MPI
since 2018. It looks like, in each of these regions the index made
a U-shaped curve where the metric’s value fell as the bull period
ended and rose as a new rally approached. Related Reading
| Bitcoin On Course To Hit $100K Nine Months From Now, Bitbull
CEO Predicts For many months now, the BTC MPI has been in the
middle (bear) region of such a curve. But now, it looks like the
indicator’s value is catching an uptrend again, and has now reached
the same values as observed back in March of last year. If the
historical pattern will hold true this time as well, then the
current trend formation may be leading towards the start of a new
bull rally. BTC Price At the time of writing, Bitcoin’s price
floats around $38.8k, up 0.5% in the last seven days. Over the past
month, the crypto has lost 8% in value. The below chart shows the
trend in the price of the coin over the last five days. BTC's price
seems to have been trending sideways over the last few days |
Source: BTCUSD on TradingView Since the sharp move up and down
almost a week ago, there hasn’t been any significant volatility in
the price of Bitcoin. Featured image from Unsplash.com, charts from
TradingView.com, CryptoQuant.com
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