Critical Levels Ahead by U Today

According to recent analysis by CryptoQuant, Bitcoin may be poised for a potential price rebound as indicated by the MVRV (Market Value to Realized Value) ratio. This ratio serves as a valuable metric for investors to assess whether current market conditions reflect historical trends in cryptocurrencies.

Currently, while the MVRV ratio stands at 2.1, suggesting that Bitcoin is in a position to break its downtrend, a ratio of 3.7 has historically indicated highs, whereas a ratio of one or lower points to market lows. If Bitcoin can successfully break its current downtrend, a sharp price increase following a retest could be anticipated, reflecting patterns seen in previous market cycles.

As of the latest updates, Bitcoin’s price had decreased by 0.84% over the past 24 hours, settling at $64,396.

### Key Levels to Monitor

Bitcoin recently surpassed the $66,000 mark on July 17 but subsequently fell below $65,000 and tested this level for much of July 18. Analysts are indicating that $65,000 may act as significant resistance.

For the near future, a break above $65,000 is being closely observed as it could signal a continuation in the upward price trend. Should this breakout occur, Bitcoin may subsequently target the $66,000 level, with aspirations to reach its current all-time high close to $74,000.

Conversely, if prices decline, Bitcoin appears to be establishing support around $63,000. Furthermore, the 200-day simple moving average, sitting near $62,700, aligns with a zone where approximately 840,920 BTC were acquired by 1.7 million addresses. Increased demand in this area may help bolster Bitcoin’s price in the event of a downturn.