I was monitoring the Bitcoin MVRV indicator and found it interesting that it has fallen to levels I haven’t seen since April. Basically, this means that BTC has returned to that profit floor which historically works well as support. The CryptoQuant crowd usually points out that the MVRV ratio between 1.7 and 1.8 is a critical zone—whenever it drops into that range, selling pressure is significantly reduced. In the previous period, when Bitcoin was trading between $91,800 and $97,200, that was considered a good time to buy the dip. Now that the price is at $77,980, you can see that the market continues to test these levels. A bearish divergence is showing up in the MVRV, suggesting that momentum is losing strength, but that doesn’t automatically mean we’re headed for a bearish market. The expanded wedge pattern Bitcoin is forming indicates very high short-term volatility. Despite that, new buyers are absorbing the supply, possibly betting on the potential approval of the CLARITY Act by the end of the year, which could provide more regulatory clarity for digital assets in EUA. So basically, Bitcoin is at a point where the technical data and the MVRV suggest an opportunity, but with quite a bit of volatility in the short term.