Top 5 cryptocurrencies to watch this week: BTC, LUNA, ATOM, CAKE, FTT
Cointelegraph
Published Jul 11, 2021 04:34PM ET
Updated Jul 11, 2021 06:20PM ET
Bitcoin (BTC) price is still range-bound and traders are searching for signs that may provide insight about the next directional move. Philip Swift, the creator of analytics resource LookIntoBitcoin, pointed out on July 9 that the Puell Multiple rebounded “out of the green zone of this week” only for the fifth time in history. Swift said if the indicator continues to move up, Bitcoin’s price may follow it higher.
Another positive outlook for Bitcoin came from Lex Moskovski, chief investment officer at Moskovski Capital, who highlighted that Bitcoin’s price was trading about 59% below the target price projected by the stock-to-flow model, which is the largest negative deflection in history. Moskovski said this could be a “great buying opportunity” for traders who believe in the model.
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Written By: Cointelegraph
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