Bitcoin remains under pressure after sliding from its all-time high above $124,000 earlier this month. At the time of writing, the asset trades at $110,219, reflecting a weekly decline of about 2% and a broader drop of more than 10% from its peak.
Despite the correction, analysts continue to examine on-chain data for signs of the market’s next direction. Among the latest insights, CryptoQuant contributor CryptoOnchain highlighted the significance of the MVRV (Market Value to Realized Value) Price Bands, a long-observed metric used to assess market cycles.
According to the analyst, Bitcoin’s current positioning above key support bands suggests the uptrend remains intact, but with room for both continued growth and potential volatility.
MVRV Price Bands Point to Potential Cycle Top
The MVRV Price Bands model has historically been used to identify both bottoms and tops in Bitcoin’s long-term cycles. CryptoOnchain noted that the model’s lower band, often referred to as
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