On Tuesday, July 19, Bitcoin prices rose above $23,000 for the first time since June 14. In the last 24 hours the asset gained nearly 3.5%, at the time of writing the cryptocurrency was trading near $23,210.
The total market cap approached $1.1 trillion. Bitcoin’s dominance index stood at 40.3%.
According to Glassnode, the MVRV Z-Score indicator has been below zero since June 13. This suggests that Bitcoin’s market value is below its realized value. Historically, this points to a potential market bottom.
Analysts at Glassnode also noted signs of a bottom formation for Bitcoin. Officials said that long-term investors have resumed accumulating the cryptocurrency, and holders are not eager to divest their coins.
‘Fear and Greed Index’ reached level 30, indicating improved investor sentiment. On June 18, the indicator fell to an extremely low reading of 6 — the first time since August 2019.
Earlier, Grayscale Investments signaled the end of the crypto-winter by the end of March 2023.
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