Bitcoin remains stable around the $95,000 mark, drawing attention to a rare technical formation. A golden cross between the MVRV Ratio and its 365-day simple moving average (SMA) may signal the start of a new bull rally for BTC.
Golden Cross in MVRV Adds to Bullish Sentiment
According to analyst Ali Martinez, a golden cross has formed between the MVRV Ratio and its 365-day SMA. This signal has historically preceded major rallies in the past, making it of interest to traders and institutions alike.
The MVRV Ratio compares market value to realized value and is used to assess profitability among holders. The current signal suggests that long-term holders are returning to profitability, which historically aligns with bullish trends.
Martinez stated, “A golden cross between the MVRV Ratio and its 365-day SMA could mark the start of a new bull rally for Bitcoin.”
Volume Declines While Technical Setup Remains Intact
Bitcoin’s daily trading volume dropped nearly 15% in the last 24 hours, and the price faced rejection near $95,500. Over $180 million was liquidated across crypto markets, including $120 million in long positions.
More than $630 million in Bitcoin shorts could face liquidation if price moves above $98,000. According to analyst Greg Miller, Bitcoin’s price setup remains strong within an ascending triangle pattern.
Future of Bitcoin and Support at $93,000
Greg Miller noted, “$98,300 might be coming sooner than we think,” referring to the structure’s bullish outlook. With support holding at $93,000 and sentiment in the “Greed” zone, Bitcoin may continue consolidating until macroeconomic data or volume drives a breakout.
The state of the Bitcoin market shows positive signals, such as the formation of a golden cross, which may herald new highs. Further movements will depend on market dynamics and external factors.
