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	Forwarded this email? Subscribe here for more Bitcoin Tries to Break Above 200-Day Moving Average. Market Momentum Builds: Bitcoin Up 6.64% as It Tests Key Resistance Bitcoin Magazine Pro Sep 23   READ IN APP   GM. Today’s headlines: Bitcoin price attempts a break of the 200-day moving average for the 5th day in a row. VP Harris says she'll encourage crypto business while protecting consumers. SEC approves Options trading for BlackRock Bitcoin ETF. Bitcoin price has continued to move higher over the past week. It is now up +6.64%. Figure 1: Bitcoin past week price performance. View Live Chart 🔍 Over the past year Bitcoin’s price is up a staggering +142%. That is significantly higher than other investment class choices. Including: S&P500: 32% Dow Jones Index: 24% Apple: 31% Tesla: -1% Figure 2: Bitcoin's 12-month performance versus key investment alternatives. View Live Chart 🔍 Despite the sideways price action for the past 6 months, Bitcoin remains significantly higher than many traditional asset classes as highlighted by the chart above. News You Need to Know VP Harris says she'll encourage crypto business while protecting consumers. SEC approves Options trading for BlackRock Bitcoin ETF. Scaramucci believes Bitcoin will hit $100,000 by year end. Coinbase will be bringing wrapped Bitcoin to Solana. The Big Story Bitcoin Rallies to 200-Day Moving Average After Fed Rates Cut On Wednesday last week, the Federal Reserve announced a 50 basis point rate cut. That marks the first cut in rates since March 2020, when markets panicked due to Covid. Figure 3: The Fed cut rates by 50 basis points last week. View Live Chart 🔍 This can be seen as bullish for assets like Bitcoin as investors seek higher returns in ‘risk assets’ rather than holding money in traditional interest-bearing assets or savings. Last week’s newsletter mentioned that a deeper cut than the expected 25 basis points would likely result in a rally in the price of Bitcoin and other risk assets. That is precisely what we have seen, with Bitcoin’s price rallying up around 10% since the announcement. However, in recent days $BTC price has been ranging as it has struggled to break back above its 200-day moving average. Any past five-day attempts to break above have been pushed back down. Figure 4: Bitcoin attempting to break above the 200-day moving average again today. Should it break above, it will then be back into the post-ETF announcement price range of Q2 this year between $64,000 - $74,000. This would bring back even more bullish enthusiasm to the market. Key Chart Each week, our BM Pro Analysts hand-pick a must-see chart for you. This week:  MVRV Z-Score Figure 6: MVRV Z-Score View Live Chart 🔍 What it is: Definition: The Bitcoin MVRV Z-Score is a market indicator that measures the ratio of the difference between Bitcoin’s market value (Market Cap) and realized value (the total purchase price of all bitcoins). Components: It combines market value (how much all bitcoins are worth together) and realized value (the price at which each bitcoin last moved), providing a more nuanced picture of where the current price stands in relation to the average cost basis of bitcoins purchased. It then uses a statistical tool called a Z-Score to pull apart extremes in the data to highlight periods of extreme over or undervaluation for Bitcoin. Why this matters: Throughout Bitcoin's history, the MVRV Z-Score has identified cycle tops (significantly overvalued) and bottoms (extremely undervalued).  Tops occur when the market value is much higher than realized value (average cost basis). Bottoms occur when market value of Bitcoin drops below realized value (the average cost basis). It helps investors to make informed decisions by understanding where Bitcoin might be in its market cycle, aiding in long-term investment strategies and timing. What’s Happening Now: Current Market Position: A score of +1.76 indicates that Bitcoin is transitioning from an undervalued (accumulation) state. It remains a long way from bubble territory.  Previous cycles have topped out only when MVRV Z-Score has exceeded a score of +6. MVRV Z-Score is a critical on-chain metric for long term Bitcoin investors, helping them to identify the extremes of Bitcoin’s market cycles. You can track this metric for free here. Bitcoin Magazine Pro For more detailed Bitcoin analysis and to access advanced features like live charts, personalized indicator alerts, and in-depth industry reports, check out Bitcoin Magazine Pro. Make Smarter Decisions About Bitcoin. Join millions of investors who get clarity about Bitcoin using data analytics you can't get anywhere else. GO TO FREE CHARTS SIGN UP NOW We don't just provide data for data's sake, we provide the metrics and tools that really matter. So you get to supercharge your insights, not your workload. Take the next step in your investing journey: Follow us on X for the latest chart updates and analysis. Subscribe to the YouTube channel for regular video updates and expert insights. Follow our LinkedIn page for comprehensive Bitcoin data, analysis, and insights. Explore Bitcoin Magazine Pro to access powerful tools and analytics that can help you stay ahead of the curve. Invest wisely, stay informed, and let data drive your decisions. Thank you for reading, and here’s to your future success in the Bitcoin market! Thanks for reading Bitcoin Magazine Pro! Subscribe for free to receive new posts and support our work. Subscribed 🎁 Special Offer: Use Code: BMPRO For 10% OFF All Bitcoin Conference Tickets Disclaimer: This newsletter is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions. We sincerely appreciate your support and hope you found this content valuable. Please leave a like and let us know your thoughts in the comments section; we always welcome feedback from our audience! Share Like & Comment Share Bitcoin Magazine Pro   Like Comment Restack   © 2024 BTC Inc. 438 Houston Street, Suite 257, Nashville, TN 37203 Unsubscribe