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Bitcoin Market Update: MVRV Divergence Highlights Short-Term Selling Pressure
Bitcoin (BTC) is showing signs of cooling after reaching its October high, with traders closely monitoring whether the $91,000–$97,000 support zone will hold. As of now, BTC is trading near $102,292, down 1.3% over the past 24 hours and roughly 16% below its all-time high of $126,080 set in early October. Over the past week, the market has softened about 7%, reflecting a broader slowdown.
Trading Activity Shows Mixed Signals
Trading volumes hint at ongoing market engagement. Spot volume rose 14.8% to $69.5 billion in the last 24 hours, while futures volume increased 8% to $107.5 billion, with open interest climbing 1.4% to $69.6 billion. Typically, rising open interest alongside a falling price indicates traders are adding positions, potentially extending the current trend.
MVRV Highlights Cooling Momentum
Analysis from CryptoQuant contributor Sunny Mom points to a divergence in Bitcoin’s MVRV ratio, a metric tracking unrealized profit. The ratio has historically found support between 1.7 and 1.8, acting as a “profit floor.” This aligns closely with the $91,800–$97,200 price area, which also overlaps an unfilled CME gap near $92,000. The data suggests buyers are cautious, but it does not indicate a confirmed cycle top, echoing patterns seen in 2017.
Corporate Accumulation Slows
Corporate Bitcoin purchases have slowed, with firms acquiring 14,400 BTC in October, down from 38,035 BTC in September. Market capitalization of Bitcoin-holding companies relative to their holdings has decreased, signaling caution amid the recent price pullback.
Technical Outlook
Short-term momentum remains tentative. BTC is trading below key short- and long-term moving averages, with the RSI near 37 indicating cooling rather than exhaustion. Momentum and commodity channel readings suggest some early stabilization, but MACD remains negative. A breakout above $105,800 could reignite upside, while failing to maintain $97,000 may open the path toward the CME gap around $92,000.
