Bitcoin energy value metric puts BTC’s ‘fair value’ at $47K — Analyst

Bitcoin’s price is trading in a frustratingly tight range between $25,500 and $26,500, leaving traders unsure of the next direction that the asset could take.

However, Charles Edwards, founder of Capriole Investments, believes that Bitcoin’s (

Additionally, the theory does not take into account other factors that can affect the price of Bitcoin, such as the market’s current demand and supply and the steps taken by miners ahead of the halving next year.

Bitcoin looks primed for further downside

Bitcoin’s spot liquidity data on Binance indicates that buyers are looking at the $24,600 level for support. However, the bullish momentum appears to be fading as most traders are crowding around the yearly low levels and hoping that these hold.

The liquidation levels of futures orders from CoinGlass show that buyers are expecting downside to $24,600, with smaller liquidations extending toward $23,000.

Notably, the price range between $25,000 and $25,500 has the most leveraged orders in significantly high volumes, making them hot targets for traders.

Should the price drop down to the $23,000 level, the buyer’s conviction will be tested. A drop below $23,000 would target the $21,451 and $19,549 levels from 2022.