Bitcoin Up 15% in a Month, Analyst Cautions on MVRV Resistance Level
Summary
Bitcoin is trading at $109,000, down 0.6% in the last 24 hours but up approximately 15% over the past month. It recently reached an all-time high above $111,000. The Market Value to Realized Value (MVRV) ratio, which measures profitability and market sentiment, is currently at 2.36, above the 365-day Simple Moving Average (SMA365) of 2.14. A critical resistance level at 2.93 may influence Bitcoin's future price movements. The lack of retail investor engagement is notable, with transfer volumes under $10,000 remaining low despite recent price highs. This suggests that the current rally is driven mainly by institutional investors. Increased retail participation could further boost Bitcoin's price and market momentum.
