The crypto market is showing signs of weakness with the Bitcoin MVRV ratio approaching its long-term historical average. Although the market has exited the overheating zone, there are no clear fundamental signals yet.

- In March, a "dead cross" occurred when the 30-day MVRV moving average fell below the 365-day average, indicating increasing downward pressure.

- This pattern is similar to previous cycles, where price declines occurred after a local peak was reached.

Investors are advised to remain cautious of further downside risks. However, optimism still exists for Bitcoin as this corrective pattern reflects past cycles, opening opportunities for long-term recovery.