BTC price hit 58,000, which pushed STH-MVRV to 0.9, but the on-chain data will not be updated until midnight GMT. Don't panic, my friends. Judging from the sentiment indicators above, this period is bound to be difficult. I will help you through it!
See the picture below
Green line: STH-MVRV=1;
Blue line: STH-MVRV=0.9
In a strong bull market, STH-MVRV will rebound when it touches the green line, while in a weak bull market, STH-MVRV will seek a balance point between the green and blue lines. Once it falls below the blue line, even if the bull market is still there, it will take a long time to repair the trend. For example, it took 6 months before and after the March 12 incident.
As of July 2, the current corresponding prices are as follows:
STH-MVRV: 1 = $64,400
STH-MVRV: 0.95 = $61,200
STH-MVRV: 0.9 = $58,000
STH-MVRV: 0.85 = $54,700
STH-MVRV: 0.8 = $51,500
For a more detailed explanation of STH-MVRV data, please refer to the April 20 article
