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Bitcoin's two key resistance levels exposed: MVRV indicator shows these two prices need to be followed.
Recently saw an interesting on-chain data interpretation by 【Bit推】. An analyst calculated two resistance levels worth paying attention to based on Glassnode's Bitcoin MVRV (Market Value to Realized Value ratio) indicator.
The first resistance level is around $99,070, and the second one is at $122,060.
The MVRV indicator is actually quite useful, as it reflects the overall profit and loss status of the market. When the price reaches these derivative ranges, it often indicates that profit-taking may create certain selling pressure. In the short term, if BTC surges to these two price levels, it may require more observation of the volume and changes in market sentiment.