Bitcoin briefly climbed past $112,000 on Monday, signalling a potential recovery after a volatile week. Despite recent turbulence, analysts argue that the cryptocurrency's bull market is far from over. Monday's early trading saw Bitcoin hit a 24-hour high of $112,293, its first time above $112,000 since Thursday's slump.
Bull Market Not Over, Analysts Say
Crypto investment firm XWIN Research Japan noted in a recent CryptoQuant report that, despite short-term volatility, Bitcoin's long-term indicators suggest the bull market remains intact. The Market Value to Realized Value (MVRV) ratio at 2 means the average cost basis is roughly half the current price — investors are sitting on healthy gains, yet the market has cooled from overheated conditions.
Bitcoin MVRV ratio compared to its price since late 2024. Source: CryptoQuant
Crypto Longs Hit Hard by Recent Drops
Monday's recovery comes after more than $4 billion in crypto long positions were liquidated over the past week. The first blow came on September 22, when just under $3 billion in long positions were wiped out as Bitcoin fell below $112,000. A second wave totalling $1 billion occurred on Thursday when the price dipped to $109,000.
The amount of long liquidations surged on Monday and Thursday as Bitcoin fell.
Market Sentiment Turns Neutral
The Crypto Fear & Greed Index has risen to a "Neutral" reading of 50 out of 100, recovering from a period of "Fear." This marks the first neutral sentiment since Friday, September 19, and indicates growing confidence as the market stabilizes.
Have You Been Scammed?
Open a case today and let our experts begin the recovery process. A case-opening fee applies; full refund if unsuccessful.