On-chain data shows the Bitcoin Market Value to Realized Value (MVRV) Ratio has formed a cross that may be considered a bearish signal.

Bitcoin MVRV Ratio Has Declined Under 200-Day SMA Recently

As pointed out by analyst Ali Martinez in a new post on X, the Bitcoin MVRV Ratio has crossed below its 200-day simple moving average (SMA) recently. The “ MVRV Ratio ” refers to an on-chain indicator that measures the ratio between the BTC Market Cap and Realized Cap.

The Realized Cap here is a capitalization model for the cryptocurrency that calculates the total value of the asset’s supply by assuming the ‘real’ value of each individual token to be equal to the spot price at which it was last moved on the blockchain. This model is different from the usual Market Cap , which simply take

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