<ul><li>Bitcoin's MVRV ratio diverged from price movement, raising concerns similar to the 2021 market cycle.</li><li>On-chain signals and derivatives data suggest growing caution among traders despite recent bullish momentum.</li><li>Pressure is mounting from multiple directions, including an overheated market signal from long-term holders releasing assets.</li><li>Bitcoin derivatives market activity has dropped significantly, reflecting waning short-term enthusiasm and a conservative approach by traders.</li></ul>

Bitcoin Rally Sparks Doubts As MVRV Signal Turns Bearish

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