Bitcoin (BTC) has maintained a strong bullish performance for the past seven days, with the price winning by around 12%. The crypto market leader rose to almost $ 124,000 before he experienced a slight retracement, which has now forced the prices to $ 122,070. With the market that maintains a consolidation pattern, prominent analyst Ali Martinez has shared some important price insights based on the MVRV prize ties.
Holding above $ 117k could push BTC to $ 140k next
The MVRV (market value for realized value) metric measures how far the market price of Bitcoin deviates from the realized price, so that it is effectively assessed whether BTC is overvalued or undervalued compared to historical standards. The color -coded deviation bands of the graph visualize these extremes, with the +0.5σ ($ 117,644) tire that currently acts as an important threshold.
In one X On October 4, Maritnez explains the importance of this deviation tape and declares that the ability of BTC to maintain price action above this middle level band can precede large-scale bullish continuations. The graph below, on the other hand, suggests that a persistent price decrease below the +0.5σ has often marked deeper corrections or mid-cycle sets.
In particular, the upper red band, marked around $ 139,800 (+1σ), represents the following key resistance level and an area where traders are expected to take a profit. However, a steady consolidation above +0.5σ is necessary to maintain the bullish structural strength and to offer the push for the next leg, which is expected to further propel BTC outside the current of all time high at $ 124.457.
However, a price drop below this level can lead to Bitcoin on its way to the average deviation band around $ 95,394. This would be a decrease of 21.8% of current market prices and possibly the start of a bear market.
Bitcoin steadily realized the price at $ 54,000, because the market remains healthy
In other news, data from Glassnode MVRV price tires that the current BTC -realized price has been set around $ 54,348. For the context, this statistics reflects the average price with which investors have been moved their BTC for the last time and effectively serve as a psychological support during market corrections. In particular, the current gap between the bargain price, around $ 122,000, and the price realized underlines a healthy bull phase, with most holders on substantial non -realized profits. As long as the realized price continues to rise steadily, it strengthens the underlying power of the market and signals confidence in the long term in an upward process. At the time of the press, Bitcoin is appreciated at $ 122.197 after a decrease of 0.3% in the last day. Between combination, the daily trade volume has fallen by 55.52% that represents a fall in trading activity.