Bitcoin's MVRV Ratio Flashes Positive Signal, Echoing Previous Bull Markets
A closely watched on-chain valuation metric for Bitcoin has flashed a positive signal, echoing two previous bull markets. The MVRV Ratio, tracked by Glassnode, shows that momentum is turning positive after an extended period of negative readings.
The latest chart from Glassnode shows the MVRV Momentum Oscillator crossing back above its 365-day moving average. This indicator combines three pieces of information: Bitcoin's price, the MVRV Ratio, and the ratio's position relative to its 365-day average.
The important development is that MVRV momentum has moved back above its one-year baseline, producing a transition similar to those seen in 2019 and 2023. At these points, Bitcoin experienced major price expansions after a period of bearish market conditions.