{"id":522303,"date":"2023-03-08T15:00:34","date_gmt":"2023-03-08T15:00:34","guid":{"rendered":"https:\/\/wncen.com\/?p=522303"},"modified":"2024-06-11T09:20:35","modified_gmt":"2024-06-11T09:20:35","slug":"bitcoin-mvrv-approaches-retest-happen-next","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-mvrv-approaches-retest-happen-next\/","title":{"rendered":"Bitcoin MVRV Approaches Crucial Retest, Here’s What Can Happen Next"},"content":{"rendered":"

On-chain data shows Bitcoin MVRV is approaching a crucial retest currently. Here’s what a successful liftoff could mean for the crypto’s price.<\/p>\n

Bitcoin MVRV Ratio Is Nearing Its 100-Day EMA Line<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, BTC has gone on to see long-term growth whenever the metric has responded to this line before. The “MVRV ratio<\/a>” is an indicator that measures the ratio between the Bitcoin market cap and its realized cap.<\/p>\n

The “realized cap<\/a>” here refers to a capitalization model for BTC that assumes that each coin in the circulating supply actually has its real worth as equal to the price at which it was last moved (rather than the current BTC price, as the normal market cap says).<\/p>\n

The realized cap is often known as a fair-value model for the asset, so the MVRV tells us whether the BTC price (the market cap) is currently fair or not, by comparing the two caps of the coin.<\/p>\n

When the ratio has a value greater than 1, it means the market cap is greater than the realized cap, and hence the cryptocurrency may be overvalued right now. On the other hand, values below this threshold imply the coin may be undervalued currently.<\/p>\n

Related Reading: Dogecoin Whale Withdraws $5 Million In DOGE From Binance, Bullish Sign?<\/a><\/div>\n

Now, here is a chart that shows the trend in the Bitcoin MVRV ratio, as well as its 100-day exponential moving average (EMA), over the last few years:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has been declining in recent weeks | Source: CryptoQuant<\/a><\/pre>\n
As you can see in the above graph, the Bitcoin MVRV ratio was below 1 during the bear market lows of the past year, showing that the cryptocurrency was underpriced.<\/p>\n
With the latest rally<\/a>, however, the metric has escaped from this zone and now has a value greater than 1. In the chart, the analyst has highlighted the historical bottoming zone in green and the top zone in red. Currently, while the MVRV may be showing slightly overvalued conditions, the price is still not high enough yet to hit the zone where tops have formed in the past.<\/p>\n
A curious pattern appears when looking at the indicator’s interaction with its 100-day EMA curve. It looks like whenever the ratio has retested this line from above and has successfully rebounded off it, the price of Bitcoin has gone on to enjoy some bullish trend in the long term.<\/p>\n
Related Reading: Bitcoin \u201cSocial Dominance\u201d Surges As Altcoins Struggle<\/a><\/div>\n
Currently, as the rally has come to a stop and the price has been noticing some decline, the MVRV ratio is also going down and is now nearing its 100-day EMA line.<\/p>\n
Right now, it’s unclear if the metric will continue this trajectory and a retest will take place, but if one does and it’s successful, then Bitcoin could feel a bullish push from it if the past pattern is anything to go by.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $22,000, down 7% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC continues to consolidate | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows Bitcoin MVRV is approaching a crucial retest currently. Here’s what a successful liftoff could mean for the crypto’s price. Bitcoin MVRV Ratio Is Nearing Its 100-Day EMA Line As pointed out by an analyst in a CryptoQuant post, BTC has gone on to see long-term growth whenever the metric has responded to this line before. The “MVRV ratio” is an indicator that measures the ratio between the Bitcoin market cap and its realized cap. The “realized cap” here refers to a capitalization model for BTC that assumes that each coin in the circulating supply actually has its real worth as equal to the price at which it was last moved (rather than the current BTC price, as the normal market cap says). The realized cap is often known as a fair-value model for the asset, so the MVRV tells us whether the BTC price (the market cap) is currently fair or not, by comparing the two caps of the coin. When the ratio has a value greater than 1, it means the market cap is greater than the realized cap, and hence the cryptocurrency may be overvalued right now. On the other hand, values below this threshold imply the coin may be undervalued currently. Related Reading: Dogecoin Whale Withdraws $5 Million In DOGE From Binance, Bullish Sign? Now, here is a chart that shows the trend in the Bitcoin MVRV ratio, as well as its 100-day exponential moving average (EMA), over the last few years: Looks like the value of the metric has been declining in recent weeks | Source: CryptoQuant As you can see in the above graph, the Bitcoin MVRV ratio was below 1 during the bear market lows of the past year, showing that the cryptocurrency was underpriced. With the latest rally, however, the metric has escaped from this zone and now has a value greater than 1. In the chart, the analyst has highlighted the historical bottoming zone in green and the top zone in red. Currently, while the MVRV may be showing slightly overvalued conditions, the price is still not high enough yet to hit the zone where tops have formed in the past. A curious pattern appears when looking at the indicator’s interaction with its 100-day EMA curve. It looks like whenever the ratio has retested this line from above and has successfully rebounded off it, the price of Bitcoin has gone on to enjoy some bullish trend in the long term. Related Reading: Bitcoin \u201cSocial Dominance\u201d Surges As Altcoins Struggle Currently, as the rally has come to a stop and the price has been noticing some decline, the MVRV ratio is also going down and is now nearing its 100-day EMA line. Right now, it’s unclear if the metric will continue this trajectory and a retest will take place, but if one does and it’s successful, then Bitcoin could feel a bullish push from it if the past pattern is anything to go by. BTC Price At the time of writing, Bitcoin is trading around $22,000, down 7% in the last week. BTC continues to consolidate | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":522325,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,84723,86686,86576,1119,1144],"class_list":["post-522303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-mvrv","tag-bitcoin-mvrv-ratio","tag-bitcoin-retest","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin MVRV Approaches Crucial Retest, Here's What Can Happen Next<\/title>\n<meta name=\"description\" content=\"On-chain data shows Bitcoin MVRV is approaching a crucial retest currently. Here's what a successful liftoff could mean for the crypto's price. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin MVRV Approaches Crucial Retest, Here’s What Can Happen Next","url":"http:\/\/wncen.com\/news\/bitcoin-mvrv-approaches-retest-happen-next\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-mvrv-approaches-retest-happen-next\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/kanchanara-5ixVD22x22o-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/kanchanara-5ixVD22x22o-unsplash-scaled.jpg?fit=2560%2C1703"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin mvrv","bitcoin mvrv ratio","bitcoin retest","btc","btcusd"],"dateCreated":"2023-03-08T15:00:34Z","datePublished":"2023-03-08T15:00:34Z","dateModified":"2024-06-11T09:20:35Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin MVRV Approaches Crucial Retest, Here’s What Can Happen Next\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-mvrv-approaches-retest-happen-next\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-mvrv-approaches-retest-happen-next\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/kanchanara-5ixVD22x22o-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/kanchanara-5ixVD22x22o-unsplash-scaled.jpg?fit=2560%2C1703\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin mvrv\",\"bitcoin mvrv ratio\",\"bitcoin retest\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-03-08T15:00:34Z\",\"datePublished\":\"2023-03-08T15:00:34Z\",\"dateModified\":\"2024-06-11T09:20:35Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/kanchanara-5ixVD22x22o-unsplash-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/522303"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=522303"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/522303\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/522325"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=522303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=522303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=522303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}