👉 The MVRV Pricing Bands indicator uses the Realized Price (RP in green) to locate areas of overheating (yellow/red) and areas where Bitcoin is undervalued (green/blue).
The Bitcoin price is around the 2.4 multiple of the realized price (yellow), a level at which BTC had been stuck since March 2024.
If the $100,000 (yellow line) is broken, the next resistance zone on this indicator is at over $132,000 (3.2*RP). During the last two bull runs (2017 and 2021), Bitcoin had even largely exceeded this on-chain level…