Bitcoin has once again raised a cautionary alert to traders as its 30-day market value to realized value ratio (MVRV) has gone above 11.50%. This movement has in the past coincided with the beginning of a short-lived correction phase for the cryptocurrency, suggesting that the market is volatile. However, at press time, Bitcoin’s (BTC) trend was still positive, with the bulls’ skyrocketing price to $49,000.
On-Chain Indicators Highlight Increased Risk
Several signals on the Glassnode platform, an analytical tool, have recently been highlighted as “very high risk” using on-chain indicators. Among these, the recent crossing of the threshold by the MVRV ratio is particularly remarkable. This indicator is important as it measures Bitcoin’s valuation ratio to its market cap providing insights on Bitcoin’s overvaluation or undervaluation.
#Bitcoin has shown a pattern of entering a brief correction phase whenever the 30-day Market Value to Realized Value (MVRV) ratio exceeds 11.
We współpracy z: https://coingape.com/bitcoin-btc-correction-pattern-resurfaces/
