- CryptoBullet states Bitcoin is “cooked,” citing weak momentum despite prices holding between $60,000 and $100,000.
- The MVRV ratio near 2–3 shows reduced speculative pressure compared to past peaks during previous bull market cycles.
- Daily liquidations of $60.9M, led by Bybit and Binance, show a calmer derivatives market amid fading enthusiasm.
Bitcoin’s latest market readings suggest a slowdown may be underway, according to analyst CryptoBullet. He stated that “Bitcoin is cooked,” emphasizing that expectations for large upside moves are unrealistic. The remark comes as key on-chain indicators reveal weakening market momentum despite steady price levels between $60,000 and $100,000 in 2025.
MVRV Ratio Shows Weaker Market Conviction
The Market Value to Realized Value (MVRV) ratio continues to show a key change in Bitcoin’s cycle strength. This metric compares Bitcoin’s total market cap to its realized capitalization, showing when the asset is overvalued or undervalued.
Historically, MVRV values above 4–6 have marked overheated tops, while readings below 1 often indicated accumulation zones. Notably, MVRV peaks have declined over successive bull markets despite higher price highs in U.S. dollars.
In 2013, 2017, and 2021, each cycle reached near 6–7 on the ratio before deep corrections followed. By contrast, the current reading between 2 and 3 shows a moderation in speculative activity. This pattern aligns with a long-term descending trendline, pointing to diminishing returns in each rally.
Declining MVRV Peaks Suggest Market Maturity
While Bitcoin’s price rose dramatically from around $1,000 in 2013 to nearly $70,000 in 2021, the MVRV ratio failed to match those surges. Each new cycle brought a lower MVRV peak, suggesting reduced speculative pressure as the asset matured.
By 2025, Bitcoin’s movement between $60,000 and $100,000 appears tied to this restrained sentiment. The divergence between rising prices and falling MVRV momentum indicates softening enthusiasm among market participants.
The label “Bearish Divergence” in the latest reading shows this imbalance, hinting at a potential period of sideways action or extended correction. However, sustained recovery would likely require a breakout above an MVRV reading of 4, which historically aligned with renewed bullish expansions.
Liquidations Show Reduced Aggression in Derivatives
Market liquidations over the past 24 hours totaled about $60.9 million, reflecting subdued speculative positioning. Long traders accounted for roughly $47.2 million of that total, while short liquidations reached $13.7 million. Bybit led the exchanges with around $25 million in volume, followed by Binance at $20 million and OKX slightly below that figure.
Huobi registered about $10 million, while BitMEX and Bitfinex showed minimal activity. This distribution of liquidations, combined with moderate MVRV levels, supports the view of a cooling market phase. Together, the data suggests that Bitcoin may be consolidating after years of increased volatility.
