Coin786
08/07 08:27
Bitcoin MVRV-Z score highlights key pattern
MVRV-Z is the ratio calculated by dividing the market value by its realized value. It essentially gives another perspective on BTC demand and supply dynamics. When the ratio is above 3.7, it marks an overvaluation of the asset, while an index below 1 indicates undervaluation.
In the past, Bitcoin has crossed the 3.7 mark by a huge margin during each bull market phase. This was evident in 2013, 2017, and 2021, but it hasn’t done that yet in 2024. Presently, the ratio is at 1.40, which means it is still undervalued at itsThe price has rebounded above $57,000 at the time of publication, with BTC up 4% over the past 24 hours. The relative strength index, or RSI, is also in the oversold region on the daily chart, suggesting that the bulls have the advantage in the near term.
However, BTC price action has a habit of volatility during its ghost month in particular. Thus, Bitcoin could "fill" and remaining gaps or downside wicks over the next days or weeks.
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