According to on-chain data analysis by Glassnode, Bitcoin is at a critical juncture. When BTC soared to $73,800 in March 2024, printing new all-time highs, the Bitcoin market reached a statistically significant level regarding on-chain unrealized profits, according to the Market Value to Realized Value (MVRV) ratio.
Bitcoin MVRV Ratio At Historically Significant Level: Time To Hold Or Take Profit?
The analytics platform notes that, historically, such levels have coincided with periods of market resistance. Therein, some holders often choose to take profits by exiting their positions.
It remains to be seen whether the same will be replicated, and prices fall as holders make a profit. However, according to MVRV, this will likely happen if past performance guides.
Simply put, the MVRV ratio shows how expensive the coin is relative to historical prices. It is a tool for gauging whether Bitcoin, as it is at spot rates, is under or overvalued. When the ratio is above 1, it s
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