Alright, let’s dive into this Bitcoin chaos thing. So, last week, Bitcoin was like, “Hey, I’m coming back for that $95k!”—but then, it kinda hit the brakes, you know? It was all hyped up and then, “Eh, let’s chill a bit.” Kinda like when you’re super excited to go out, but then your couch calls to you. Anyway, folks are all buzzing—like, “Can it keep going up?” and stuff. Burak Kesmeci, this crypto guru, chimed in with some juicy insights on what might go down next.
## Bitcoin MVRV Flirting with 365 SMA
So, in this wild world of crypto, Kesmeci drops a line on X—yeah, that part of the internet we love and hate. Says Bitcoin’s MVRV ratio is hitting this wall at the 365-day SMA…like, it’s pivotal, man. MVRV is kinda like this nerdy metric that tells you if Bitcoin’s price is too high or low compared to what it’s supposed to be or something.
What’s that mean? Well, if the MVRV can’t bust past the 365 SMA, it’s like, “Alright, bear market it is.” But if it hops over? Hell yeah, bullish vibes confirmed. Right now, we’re at 2.13, folks, and that SMA is mocking us at 2.14. Yeah, we’re that close.
## Network Fees are on Fire!
Switching gears, IntoTheBlock drops the bomb that Bitcoin fees skyrocketed by 42% last week. People dropping $4.03 million in fees because, apparently, we love spending money to move our beloved BTC around. Shows people are still super into this Bitcoin thing.
Oh, and here’s another tidbit—exchanges saw $356 million walking out the door. Sure, it ain’t last week’s billion-dollar exodus, but hey, folks still wanna hold on to their precious coins, right? This buzz just tells me that people are feeling good about Bitcoin, or maybe they just like adrenaline, who knows?
At this moment, BTC is just chillin’ at $94,233, down a smidge, 0.78% to be exact. But zoom out a bit, and it’s still smiling with gains over the past week and month. So yeah, kinda still winning, right?
That’s the scoop. Messy, chaotic, just how we like it.
