BITCOIN (BTCUSD) – Week 45 – Correction before the upside
Today the mayor of Tampa, Florida implied (and later appeared to confirm) on Twitter that she would be open to receiving pay in Bitcoin. The news first began to circulate this morning on Twitter and appeared to derive from comments the mayor made this morning at a conference. Mayor Castor joins other local politicians, including Miami Mayor Francis Suarez and New York City Mayor-Elect Eric Adams, who have said they are willing to be paid in the cryptocurrency.
Bitcoin is considered historically undervalued according to the Glassnode Network Value to Transactions Signal indicator, which is now significantly lower than in January this year. The most recent spike in value settlement took place back in May. Currently, the Value Settlement is staying below the value of 25, which is considered "undervalued." The low ratio indicates that the market cap is significantly higher than the transactional volume in U.S. dollars.
Technically, Bitcoin is making a more complex correction in this area and has a good probability for the price to drop to the support area of $56k. After that we see a continuation of the uptrend.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Bitcoin is considered historically undervalued according to the Glassnode Network Value to Transactions Signal indicator, which is now significantly lower than in January this year. The most recent spike in value settlement took place back in May. Currently, the Value Settlement is staying below the value of 25, which is considered "undervalued." The low ratio indicates that the market cap is significantly higher than the transactional volume in U.S. dollars.
Technically, Bitcoin is making a more complex correction in this area and has a good probability for the price to drop to the support area of $56k. After that we see a continuation of the uptrend.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
