Bitcoin price is set for expressive growth, according to key indicators (MVRV and NVT)

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Jul 26, 2024

Bitcoin (BTC) is on a volatile ride inside a five-month price range between $60,000 and $72,000. However, the Market Value to Realized Value (MVRV) and Network Value-to-Transaction (NVT) onchain indicators suggest BTC could be ready for expressive growth.

BTC: MVRV Ratio (90d) + NVT Ratio (with Circulation). Source: Santiment / Vini Barbosa (@vinibarbosabr)


On July 26, these metrics hint at a favorable scenario for Bitcoin to retest and possibly break the range’s resistance.


As of this writing, Bitcoin trades at $67,500 with a recovering 90-day MVRV ratio of 4.74% and a circulation-based NVT in a downtrend at 248 points. The potential breakout, however, may not occur immediately, and BTC could retest the range’s support before bouncing back up.


Read more at Finbold: https://finbold.com/bitcoin-price-is-set-for-expressive-growth-according-to-key-indicators/

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