Bitcoin May Test $89,000 as Selling Pressure Intensifies—Here’s What’s Next for the BTC Price Rally

Historically, major cycle tops have formed when MVRV rises above the 3.5–4.0 zone, a level associated with extreme profit-taking and euphoric sentiment. At present, Bitcoin remains well below those thresholds, suggesting the market is not in an overheated state despite recent highs.

In previous bull cycles, Bitcoin often experienced pullbacks and consolidation phases while MVRV stayed between 1.3 and 2.0 before resuming its broader uptrend. The current reading fits that pattern, indicating that recent weakness is more likely a healthy reset rather than a structural breakdown. Downside risk would increase meaningfully only if MVRV trends back toward 1.0, a scenario that would imply price returning closer to the aggregate cost basis.

The Bottom Line

Bitcoin’s pullback appears more like a momentum reset than a trend reversal. With on-chain metrics such as realized cap still rising and MVRV well below historical peak levels, the market is not showing signs of broad distribution. In the near term, traders should expect continued volatility and potential tests of key support zones. Direction will depend on whether buyers defend these levels. A successful hold would keep the broader bullish structure intact, while a failure would delay upside rather than end it.

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