Renowned on-chain analyst Murphy has outlined a crucial update on the Bitcoin market, focusing on MVRV (Market Value to Realized Value) metrics that are currently defining the battleground between bulls and bears.
🔸 What’s Happening?
Since March 2, a key orange mid-line in the MVRV extreme deviation pricing range has acted as both a support during pullbacks and resistance during rebounds. As of now, this important level sits at $102,000.
According to Murphy:
“Unless there’s a major shift in sentiment or new negative macro events, $102K should act as a short-term support level.”
🔻 What If It Fails?
If Bitcoin drops below $102,000, the next stop is likely around $98,000 – the top of the URPD chip accumulation zone-B. This zone also aligns with:
The average cost for short-term holders
The “bull-bear dividing line” in this market phase
🧠 Why It Matters:
These levels not only reflect on-chain sentiment, but also act as a psychological threshold for many market participants. Holding above $102K may fuel a rebound, while falling below $98K could trigger wider fear and deeper corrections.
💡 Stay Informed: MVRV is a powerful metric for identifying overvaluation and undervaluation in the market. Smart traders use it to time entries and exits – don't ignore these signals.
