Bitcoiners still like to take profit.

The MVRV ratio is much more than a macro oscillator. It is a representation of the average profit multiple held by unspent coins.

In bullish rallies, a value above 1. 2 indicates an average of 20% profit amongst short term holders and usually is enough incentive to sell a little.

We just found resistance at this level as a few bottom stackers took money off the table. A retrace to around $20k would be a retest of their cost basis and historically, a good indicator for a dip to stack.

Pro tip: you can simulate STH MVRV by dividing price by a 135day EMA.