Bitcoin MVRV momentum shows a potential return to bullish territory. BTC has surged by 4.95% over the past week
, has experienced a strong upward momentum. The price recovery has seen BTC reclaim higher resistance levels thus reviving market optimism.
These gains on weekly charts have pushed BTC to record positive gains on monthly charts recovering from a monthly low of $52,546 by a 3.95% rise. Based on this observation, after a long period of negative momentum, now MVRV shows a return to bullish if it manages to close above its 90-day moving average.
For example, the last time, it fell below its 90-day MA was mid-2023. After a recovery, prices stabilized followed by a sustained rise.As observed by Martinez, BTC market is showing a potential return to bullish territory after a sustained period of decline. Thus, the current market sentiment could set Bitcoin for further price growth.For example, Bitcoin’s NVT ratio has declined from 33.3 to 20.1 over the past week suggesting that on-chain transaction volume is growing faster than MC.
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