Bitcoin momentum builds as critical indicator turns bullish

Bitcoin (CRYPTO:BTC) recently surpassed $69,000, gaining over 17% since October 10. 

The rise comes as a critical on-chain indicator, the Market Value to Realized Value (MVRV) ratio, shifts from a bearish to a bullish trend. 

Data from Glassnode suggests that the MVRV ratio crossed a significant 180-day threshold, indicating potential growth as the asset moves away from its accumulation phase. 

According to analyst Ali Martinez, this shift in the MVRV metric shows that Bitcoin’s market value is recovering relative to its historical realized value. 

This change hints at a possible new phase of price expansion, especially if Bitcoin manages to sustain a push beyond the $70,000 mark—a key psychological level. 

With the US presidential election approaching on November 5, market sentiment appears optimistic, often influenced by political events. 

Analysts suggest that a stable move above $70,000 could attract more buying interest and support further price growth. 

In the coming days, price movements will be closely monitored, as they are likely to determine the overall market direction in the short term. 

The combination of technical indicators and broader sentiment will play a key role in shaping Bitcoin’s performance. 

Should the uptrend hold, analysts expect continued gains, marking a crucial period for Bitcoin and the broader crypto market.

At the time of writing, the Bitcoin price was $67,581.14.