Bitcoin’s MVRV Z-Score Turns Bullish as BTC Holds Above $85,000
Bitcoin (BTC) has shown renewed bullish momentum after reclaiming a key long-term market indicator, maintaining its position above $85,000 following a breakout through a major resistance zone. On October 2, Bitcoin reached $87,096, its highest level since September 23, marking a 15.6% recovery from its September 15 low of $75,170. This move pushed BTC above a resistance zone that had previously capped its gains.
Analysts are closely monitoring whether this momentum can be sustained. CryptoQuant highlighted a significant development in Bitcoin’s on-chain data, noting that its MVRV Z-Score has moved above its 365-day average. Historically, this shift has indicated an important change in market momentum. The MVRV Z-Score compares Bitcoin’s market value with the realized value of coins on the network, and a sustained move above the long-term average suggests improving market conditions.
CryptoQuant’s data also revealed that Bitcoin’s 1-to-3-month holders are currently sitting on their largest unrealized profits since May 2025, with an average unrealized profit margin of 24%. This suggests that recent buyers have gained substantial exposure to the rally. James Thorne, Chief Market Strategist at Wellington Altus, also sees a broader improvement in Bitcoin’s technical structure. Thorne noted that Bitcoin’s weekly chart is showing a strong setup after the recent correction held around the rising 200-week moving average.
Thorne described Bitcoin’s weekly chart as one of the best-looking setups in the market, highlighting that the 30-week and 40-week exponential moving averages have turned upward since the June low. This represents an intermediate trend shift from bearish to bullish while the longer-term uptrend remains intact. Thorne also pointed to improving weekly momentum and changing market fundamentals, such as regulated stablecoins, tokenized Treasuries, and on-chain settlement, which are helping move Bitcoin beyond a purely speculative market.
The bullish signals come as Bitcoin clears an important technical obstacle. Glassnode recently identified a significant concentration of sell orders between $85,000 and $85,500 on Binance’s spot market, which had restricted Bitcoin’s advance for roughly a week. Buyers eventually absorbed the resistance on October 2, allowing BTC to push toward $87,000. After the breakout, sell orders above the market declined, and some existing orders were canceled.
At press time, Bitcoin was trading at $85,990, up 0.86% in the past 24 hours. The next major resistance sits around $87,400, according to QCP, which identified the level as September’s high. Above that, $90,000 becomes an important psychological and options-market target. On the downside, QCP sees $82,500 as a key support area.