From a trader’s perspective, a 150% jump in the MVRV ratio means that it could be time to short Bitcoin. But historical data as far back as 2014 showed that a 150% spike in the metric is not enough to stop the current rally.has increased by almost 15% in the last seven days, bringing the Year-To-Date performance closer to 100%. Consequently, market players are fearful that the coin price could be on the verge of a significant reversal.
From a trader’s perspective, a 150% jump in the MVRV ratio means that it could be time to short Bitcoin. Short, here, means opening a futures position predicting a decrease in the asset price. An increase in Open Interest, along with an increase in price, is an upward trend confirmation. Conversely, an increase in Open Interest along with a decrease in price confirms a downward trendAt press time, BTC was consolidating around $34,000. So, taking price action and Open Interest together, a reversal could be on the horizon. Hence, the gains shed by BTC may soon be recouped in a few days.
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