Bitcoin MVRV Ratio Enters Bull-Market Territory
Bitcoin's Adjusted MVRV Ratio Surges Past Benchmark
The Bitcoin price has entered a bull-market phase after its adjusted MVRV ratio surpassed the 1.0 benchmark, reaching 1.018 on September 26. The cryptocurrency traded at $84,156 at the time.
This move marks the sixth transition from an early bull-market phase to a full bull-market phase since 2012. The indicator's bullish structure remains intact as long as it stays above 1.0.
The adjusted MVRV ratio first signaled an early bull-market phase on August 20, when its 30-day moving average crossed above its 365-day moving average. Bitcoin was trading at $71,255 at the time.