#WhileBitcoinholdsthe$82,500supportlevelXRPandDOGEaretrendingdownwards.
Bitcoin holds $82,500 support while XRP and DOGE remain in the red
Data indicates that the 365-day MVRV ratio for XRP and Dogecoin remained negative as of September 23.
While XRP stood at -11.75% and Dogecoin at -19.26%, Bitcoin rose above the zero mark.
The $82,500 support level is critical for Bitcoin's daily double-bottom structure.
US spot Bitcoin ETFs saw inflows totaling over $1.7 billion on September 21 and 22.
Data from September 23 pointed to a distinct divergence among major crypto assets. According to the 365-day MVRV indicator, the ratio stood at -11.75% for XRP and -19.26% for Dogecoin. During the same period, Bitcoin, Ethereum, and Chainlink rose slightly above the zero threshold.
1 XRP and Dogecoin remain in the loss zone
2 The $82,500 level stands out for Bitcoin
3 ETF inflows and corporate purchases have bolstered support
The MVRV indicator compares an asset's current market value with the realized cost of coins that last changed hands during the period in question. Negative levels on this indicator suggest that the investor group being analyzed is, on average, still sitting on unrealized losses.
MVRV is an on-chain indicator that tracks the difference between market value and realized value. A negative MVRV indicates that the average cost basis of investors holding coins moved during the period remains above the current price.
This picture for XRP and Dogecoin suggests that, despite the broader market recovery, a significant portion of long-term investors has not yet moved into profit. In contrast, the fact that the ratio has moved above zero for Bitcoin, Ethereum, and Chainlink indicates that the average cost basis for these assets is once again being surpassed.
A notable disparity in profitability has emerged between XRP and Dogecoin on one hand, and Bitcoin, Ethereum, and Chainlink on the other.
However, MVRV data alone does not indicate whether an asset is cheap or expensive; this metric merely reflects the current profitability status of a specific group of investors. Price action, liquidity, demand, and general market conditions are also key factors shaping the overall picture.
2. The $82,500 level stands out for Bitcoin
A potential double-bottom pattern has formed on Bitcoin's daily chart, with the $82,500 level acting as the neckline support.
Bitcoin has recently traded between the lower and upper bands of the $80,000 range. After rising above $87,000 and subsequently pulling back, the price appears to have stabilized around the $80,000 level based on recent data. On the daily chart, a potential "double-bottom" pattern places the neckline at the $82,500 level.
Significance of Critical Technical Levels
$82,500 Support The neckline of the double-bottom pattern. Holding above this level ensures the structural uptrend remains valid.
$87,000–$87,400 The recent peak recorded following the September rally and the resistance level immediately above it.
$100,000 Target The standard technical target derived from the vertical height of the double-bottom pattern.
With the double-bottom formation, the $82,500 level emerges as a key support point, and the pattern's target is $100,000.
Consequently, the $82,500 level is being monitored as a critical technical reference point. If the price remains above this zone, the validity of the structure may be maintained; conversely, a decisive break below this support would necessitate a re-evaluation of the technical outlook.
ETF inflows and corporate purchases have bolstered support
The technical outlook for Bitcoin has coincided with a rise in institutional demand. Spot Bitcoin ETFs in the US saw inflows of $999 million on September 21 and $714.7 million on September 22. This flow was among the factors that bolstered market support during the recent rally.
Corporate purchases also continued. Strategy bought 950 Bitcoin for approximately $75.7 million during the week ending September 20, bringing its total holdings to 846,000 BTC. Meanwhile, Strive purchased 1,355 Bitcoin for about $107.7 million during the week ending September 18, raising its total Bitcoin holdings to 26,355 BTC.
Asset or Institution | Indicator or Transaction | Level
XRP | 365-day MVRV | -11.75%
Dogecoin | 365-day MVRV | -19.26%
Bitcoin | Double-bottom neckline | $82,500
US spot Bitcoin ETFs | Sept. 21 net inflow | $999 million
US spot Bitcoin ETFs | Sept. 22 net inflow | $714.7 million
Strategy | Weekly Bitcoin purchase | 950 BTC
The data indicates that the recent recovery did not impact all major crypto assets equally. While XRP and Dogecoin remained in long-term loss territory, the focus regarding Bitcoin shifted to whether the $82,500 support level would hold and if institutional demand would persist.
$BTC $XRP $DOGE $ETH $XTIUSD
 #GateBTCSpotVolumeRanksTop3](https://gavatar.staticimgs.com/groupchat/avatar-7bc29e34f5-d3997c7bc6-c92a10-fad6f4.jpg?w=64&q=75){kind=avatar}