CryptoQuant's data suggests that Bitcoin's Market Value to Realized Value (MVRV) ratio is nearing levels seen near past market bottoms, indicating a potentially undervalued price point.
The current MVRV reading of 1.1 is close to the zone where prices have historically been considered cheap, with similar readings observed during major downturns in 2015, 2019, and 2022.
Traders are watching a reported whale sell wall around $64,000 for the next market signal, which could slow down a rally if buyers must absorb the available supply before prices can rise.