Bitcoin is currently hovering around the $90,000 mark, with little change in price over the past 24 hours, suggesting that the bullish momentum is slowing down.
An analyst from CryptoQuant noted that in previous market cycles, peaks in the MVRV ratio have often coincided with the peaks of short-term price rallies. Typically, in 2013, 2017, and 2020, Bitcoin’s market cycle peaks corresponded with the downtrend line reflected in the MVRV ratio.
In March 2024, the MVRV ratio peaked at 2.78, close to the historical downtrend line. However, after the recent price rally, the ratio has recovered to 2.6.
In addition, the crossover between the monthly and yearly moving averages also suggests the potential for stronger growth momentum in the near term.
While it is unclear whether the MVRV ratio will reach 2.9–3.0, this still implies that Bitcoin may have room to continue its upward momentum.
According to data from CryptoQuant, Bitcoin withdrawals from exchanges have been increasing in tandem with the price increase over the past week. However, this trend has shown signs of slowing down as the new week begins.
Specifically, on Sunday, November 17, the total amount of BTC withdrawn from exchanges was only about 13,617 BTC, down sharply from the more than 30,000 BTC recorded last Sunday.
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This decline may reflect a change in investor sentiment, suggesting that they are more inclined to pause accumulation or delay withdrawing assets from exchanges. This is a potential signal that Bitcoin’s upward momentum may be slowing down.
