The Bitcoin price displayed a staggering show of bearish pressure over the 
week. As the premier cryptocurrency lost its footing around the $84,000 
support level, it entered a slippery slide, reaching approximately $60,000. 
Currently, the market is in recovery mode, with its price rising again to 
$70,000. Interestingly, a recent on-chain evaluation has emerged, lending more 
credence to expectations of a price rebound. Related Reading: Bitcoin 
Sentiment Worst Since 2022 Bear As Price Crash Continues MVRV Data Reveals 
Bitcoin Market Is Under ‘Severe Stress’ In a QuickTake post on CryptoQuant, 
popular market analyst Darkfost postulates that the recent Bitcoin price 
action has given an apparently strong buy signal. This is based on data from 
the Bitcoin: MVRV Percentile – Current Cycle (0-100%) indicator. For context, 
this metric shows where Bitcoin’s current MVRV ratio ranks in the ongoing 
cycle, relative to all past values. This serves as a means to identify whether 
the market is historically undervalued or overheated. According to Darkfost, 
the MVRV sits within the 0 to 10 % percentile. This is a notably low level for 
the present Bitcoin cycle, seeing as the MVRV has held higher levels than the 
current value for more than 90% of this cycle&#8217;s period. Practically, readings 
around this level indicate that the majority of Bitcoin holders are doing so 
with minimal unrealized profits, or even outright losses, compared to their 
cost bases. This is often a telltale sign that the Bitcoin market has 
experienced a period of extreme stress, accompanied by multiple liquidations 
and investor exhaustion. However, this period is only part of a broader 
cyclical trend. Darkfost explains that the Bitcoin market (like other big 
assets) tends to enter overheated phases, followed by corrections, and then 
overstressed phases, which have often preceded bullish recoveries. Notably, 
transitions out of the 0–10% MVRV range have often been followed by price 
stabilization and eventual upwards movement. On the other hand, the 90% zone 
often represents overheated market conditions, which precedes heavy profit- 
taking activity and subsequent correction. Although MVRV data alone does not 
singularly confirm that the Bitcoin price would achieve a full-scale recovery, 
it indicates strong potential for a positive momentum boost to reclaim key 
valuation levels. Related Reading: Analyst Who Predicted XRP’s 600% Rally 
Forecasts The Bottom And A Target Of $10 Bitcoin Price Overview As of press 
time, Bitcoin trades for approximately $67,855. According to CoinMarketCap 
data, the world&#8217;s leading cryptocurrency has recovered by more than 4.00% over 
the past 24 hours. Meanwhile, the daily trading volume is down by 38.16% and 
valued at $88.37 billion. Featured image from Pexels, chart from Tradingview

Bitcoin MVRV Falls Into 0–10% Zone — Is A Recovery Underway?

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AI&#8217;s rapid growth is reshaping job markets and raising concerns about economic 
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On Saturday morning, bitcoin’s price sits between $68,090 and $69,162 over the 
last hour, with a $1.36 trillion market cap, $97.38 billion in 24-hour volume, 
and a wide $66,131 to $71,604 intraday range, reflecting a market that has 
stopped panicking but hasn’t found conviction. Bitcoin Chart Outlook On the 
daily chart, bitcoin continues to respect […]

Bitcoin Compresses at $68K as Technical Signals Set the Stage for a Decisive Break

Bithumb&#8217;s incident highlights the critical need for robust security measures 
in crypto exchanges to prevent costly errors and maintain trust.
The post Bithumb to reimburse customers after mistakenly distributing $40B in 
Bitcoin appeared first on Crypto Briefing.

Cryptocurrency price in USD