On-chain data shows that bitcoin has not yet bottomed out, and the MVRV indicator remains in the accumulation zone.
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Jinse Finance reported that on-chain data shows the bitcoin market is still undergoing a stress test. An analyst pointed out that the MVRV indicator is currently around 1.2, which is considered the accumulation zone. The true cycle bottom usually appears during a period of widespread panic selling, when the MVRV drops below 1.0.
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