Yo, listen up! You won’t believe what just happened in the world of Bitcoin! 🤯 The Bitcoin Miners’ Position Index (MPI) has had a major crossover, and guess what? It’s been bullish for the asset’s price historically. 🎉
Bitcoin MPI: 90-Day MA Crushes 365-Day MA Like a Boss!
According to a CryptoQuant Quicktake post, the Bitcoin MPI momentum has given us a green light for Bitcoin. The MPI tracks the ratio between miner outflow and its 365-day moving average (MA). When the MPI is high, it means miners are dumping like crazy, which can be bad news for the price. But when it’s low, they’re holding tight, like true hodlers. 🙌
Now, let’s talk about the MPI Momentum, the real MVP here. It involves two MAs: 90-day and 365-day. And guess what? The 90-day MA just crossed above the 365-day MA! 💪 This crossover suggests miner selling has gained positive momentum, but don’t panic! Historically, this pattern has signaled the start of a bull run for Bitcoin. 💪
Since the crossover, the MAs have continued to diverge, meaning the momentum is still going strong. So, there might be some room left in this cycle before miner selloff leads to a top. 🚀
BTC Price: Rebounding Like a Pro!
Bitcoin took a hit yesterday, falling towards $98,000, but it’s already bouncing back! 🎈 As of now, it’s sitting pretty at $102,500. Who knows where it’ll go next? Buckle up, folks! 🚀
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2025-01-29 05:11