Bitcoin's MVRV and SMA 365 levels are at a critical verge: make or break?

When we examine the Bitcoin MVRV score, we see that the 365-day moving average is a critical support during bull cycles.

The delay in the anticipated interest rate cut by the FED, the Mt. Gox news, and other factors have caused a significant correction in the Bitcoin price. After all these events, when we examine the MVRV score, we see that we are on the verge of a very critical weekly close. MVRV and its 365-day moving average are almost at the same level.

As of July 7, 2024:

MVRV: 1.894

MVRV SMA 365: 1.894

✅ Comment

As you can see, both the MVRV and its 365-day moving average are at the same level.

Historically, we know that the SMA 365 is very important in MVRV during bull cycles. This week's close above the SMA 365 could be crucial for the psychology of Bitcoin bulls to remain strong.

Thank you for reading. 🙏

Written by burakkesmeci