Bitcoin has broken past $111k, setting a new all-time high. But rather than getting carried away by the rally, it's time to reassess Bitcoin's intrinsic value through on-chain data.
At the center of this evaluation is the MVRV Ratio.
🔴 The 30DMA has crossed above the 🔵 365DMA, forming a golden cross — typically a bullish signal for mid-term momentum. However, there are still caution flags to consider.
☑️ In 2021, Bitcoin also printed a Higher High in price, but the MVRV Ratio showed a Lower High, creating a divergence. What followed was the start of a prolonged bear market.
Now in the 2025 cycle, a similar pattern is emerging. After peaking at $109k in January and setting a new ATH in May, the MVRV has declined instead of rising.
👀 This is a time to closely monitor whether key on-chain and off-chain support zones hold. Strategic positioning is essential in a market flashing mixed signals.
Written by Yonsei_dent
