Bitcoin's price is once again near its historical high of $109,000, but analysts note several factors that could indicate further growth opportunities.
MVRV Indicators Show Room to Run
The short-term holder MVRV Z-score for Bitcoin has returned to levels seen when BTC was at $75,000. With the current price at $109,000, short-term wallet profitability still looks flat. This divergence typically signals that buyers are not rushing to sell. Historically, when the MVRV rebounds, Bitcoin's price tends to increase.
Whale Traders' Sentiment Changes
Whale trader sentiment appears to be improving. Recent analysis has shown that the sentiment indicator for whales surged sharply from 0.66 to 1.12 in less than a week. This indicates that whales are once again increasing their long positions. A rise above 1.0 previously preceded a significant price increase for Bitcoin from $97,000 to $111,000.
Pressure and Resistance at $109,000
Bitcoin has been hovering around the $109,000 mark for some time, experiencing fluctuations in price. If Bitcoin can close strongly above this level, the next target may be $112,000. However, if this fails again, attention should turn back to the MVRV, as the disconnect between price and profitability cannot last indefinitely.
Analysis of current MVRV metrics, whale sentiment, and stablecoin volumes suggests that Bitcoin's movement is not exhausted. If the price breaks through the $109,000 level, it could signal the beginning of a new growth phase.
