In the cryptocurrency market, on-chain data indicates a potential bearish signal for Bitcoin. The Bitcoin Market Value to Realized Value (MVRV) Ratio has recently formed a cross, which could suggest a negative trend. (Source: Trusted Editorial, Date: Not Specified)
Analyst Ali Martinez noted on X that the Bitcoin MVRV Ratio has fallen below its 200-day simple moving average (SMA). The MVRV Ratio compares Bitcoin's market capitalization to its realized capitalization, offering insights into investor profit and loss. (Source: Trusted Editorial, Date: Not Specified)
The Realized Cap calculates the total value of Bitcoin's supply based on the last traded price of each token, differing from the standard market cap. The MVRV Ratio's recent drop below its 200-day SMA, last seen in February, could signal a bearish trend for Bitcoin. Bitcoin is trading around $105,000, down 1% in the last week. (Source: Trusted Editorial, Date: Not Specified)