Bitcoin’s MVRV ratio nears key level — Is a BTC breakout ahead?
Bitcoin is showing signs of gathering strength after a week of sideways movement, with two key on-chain indicators hinting at a potential breakout.
- Bitcoin’s MVRV ratio is converging toward its 365-day MA, a pattern historically followed by rallies.
- The futures market shows signs of cooling, suggesting a healthier, less speculative BTC rally.
- Technical indicators show consolidation near support, with a potential breakout brewing.
In a July 31 analysis, CryptoQuant contributor CoinCare pointed to the Market Value to Realized Value ratio, which currently sits at 2.2 and is converging toward its 365-day moving average. Historically, such periods of convergence have often preceded Bitcoin 
btc0.56%Bitcoin rallies, as the metric tends to climb toward overvaluation zones near 3.7.
The setup, CoinCare notes, is akin to how stock prices don’t hover around long-term moving averages for long before making a decisive move.
Bitcoin futures market cools
A separate July 30 analysis by CryptoQuant analyst ShayanMarkets highlighted a cooling trend in the Bitcoin futures market. Despite BTC trading near $123,000 recently, the volume bubble map shows a shift away from overheated red zones into more neutral and cooling regions.
Bitcoin’s steady ascent above $100,000 and this reversal in speculative activity point to the market being driven more by natural demand than by excessive leverage, which could pave the way for a fresh bullish trend.
With a seven-day range of $115,184-$119,568, Bitcoin is trading at $118,313 at the time of writing, up 0.1% for the day. Although it’s still down 3.7% from its July 14 all-time high of $122,838, it remains up 10% over the past month, indicating resilience during the recent consolidation phase.
Get to know Trustleak
Trustleak crypto signal is a service which provide profitable crypto and forex signals. Trustleak tried to provide you signals of best crypto channels in the world.
It means that you don’t need to buy individual crypto signal vip channels that have expensive prices. We bought all for you and provide you the signals with bot on telegram without even a second of delay.
Trustleak crypto leak service have multiple advantages in comparision with other services:
- Providing signal of +100 best crypto vip channels in the world
- Using high tech bot to forward signals
- Without even a second of delay
- Joining in +160 separated channels on telegram
- 1 month, 3 months , 6 months and yearly plans
- Also we have trial to test our services before you pay for anything
For joining Trustleak and get more information about us only need to follow trustleak bot on telegram and can have access to our free vip channels. click on link bellow and press start button to see all features
Join for Free
☟☟☟☟☟
https://t.me/Trustleakbot
Also you can check the list of available vip signal channels in the bot. by pressing Channels button.
Bitcoin technical analysis
On the daily chart, Bitcoin is hugging the 20-day Bollinger Band middle line, which is currently around $118,327, indicating moderate bullish pressure. The bands themselves have narrowed in recent sessions, indicating reduced volatility and the potential for a breakout as compression often precedes expansion.
The relative strength index is neutral at 59.32. Although it is not yet in overbought territory, it still shows some bullish momentum. Bitcoin’s next move might depend on its capacity to overcome the $119,900 barrier, which is the upper edge of its Bollinger Band.
If this level is cleared, there may be a chance for a fresh rally and a move above $123,000. On the flip side, a breakdown below $116,700, the lower band boundary, would invalidate the current bullish structure and open the door to a deeper correction.
