Bitcoin Price Stabilizes Above $86,000 as On-Chain Data Signals Cycle Reversal

Bitcoin has maintained its position above $86,000 following a record high of $87,350 earlier this week. Glassnode reports that the MVRV ratio has climbed to 1.62, crossing its 365-day moving average in a pattern similar to the start of the 2019 and 2023 market cycles. Meanwhile, CryptoQuant notes that the 30-day moving average of the MVRV ratio is approaching a key resistance level of 1.5, which analysts suggest could confirm the end of the accumulation phase and a full reversal of the previous bear market, potentially paving the way for a return to the $126,200 all-time high.