- Bitcoin recently reached a new all-time high of $93,477, but is now stabilizing above $90,000.
- Analysts evaluate metrics like MVRV and exchange outflows to gauge potential continuation or cooling of BTC’s rally.
After a week of hitting multiple new all-time highs, Bitcoin [BTC] appears to have taken a breather, with its price momentum showing signs of cooling. The leading cryptocurrency recently reached a record high of $93,477 on 13th November.
Since then, it has experienced a modest pullback of 2.8% and has stabilized above the $90,000 mark. As of now, Bitcoin is trading at $90,959, marking a slight 0.6% increase over the past 24 hours.
Is there still room for upward momentum?
Amid this shift in Bitcoin’s price movement, market analysts are closely examining whether there is still potential for further gains.
Yonsei Dent, a CryptoQuant analyst, offered his insights on Bitcoin’s current state, focusing on the MVRV ratio—a key on-chain indicator that compares realized value to market value, providing a gauge of market overvaluation or undervaluation.
Dent highlighted that in past market cycles, peaks in the MVRV ratio often coincided with market tops. For instance, in 2013, 2017, and 2020, Bitcoin’s market cycle peaks aligned with a downtrend line observed in MVRV.
Source: CryptoQuant
Dent then noted that while the MVRV ratio peaked at 2.78 in March 2024—just below the historical downtrend line—it has since recovered to 2.6 in the wake of Bitcoin’s recent rally.
He pointed out that a monthly moving average golden cross over the annual moving average indicates potential upward momentum.
Although predicting whether the MVRV will reach the 2.9–3.0 range remains uncertain, it suggests that Bitcoin may still have some room for further price increases.
Key metrics indicating Bitcoin’s next moves
In addition to the MVRV ratio analysis, it is crucial to explore other major Bitcoin metrics to gauge the asset’s outlook.
According to data from CryptoQuant, Bitcoin’s exchange outflows have consistently risen alongside its price over the past week. However, this trend appears to be slowing down at the beginning of the new week.
Specifically, on Sunday, 17th November, total BTC outflows from exchanges amounted to approximately 13,617 BTC—a notable drop from over 30,000 BTC recorded the previous Sunday.
Source: CryptoQuant
This decline in outflows could indicate a shift in investor sentiment, suggesting that market participants may be pausing their accumulation or holding off from withdrawing assets from exchanges.
Such a development could reflect caution among investors and signal a period of consolidation or reduced demand pressure.
Another metric worth examining is Bitcoin’s open interest, as reported by Coinglass. Bitcoin’s open interest has increased by 2.76%, reaching a current valuation of $56.22 billion.
Source: Coinglass
This rise aligns with an increase in Bitcoin’s open interest volume, which has surged by 16.42% to $61.83 billion. An uptick in open interest indicates growing participation in the market, often reflecting heightened trading activity and investor interest.
Read Bitcoin (BTC) Price Prediction 2024-25
However, an increase in open interest, particularly in the futures market, can also introduce potential volatility.
As more traders engage in derivative positions, the market could experience sharp price movements in response to significant developments or shifts in sentiment.
