The MVRV is an on-chain metric that relates Bitcoin’s market capitalization to its realized capitalization, enabling the assessment of aggregated latent gains or losses among investors across the blockchain. On August 18, market gains stood at 22.82%. As of September 22, these gains had risen to approximately 62.15%, representing an increase of 39.33 percentage points. Over the past month, as Bitcoin’s price has risen, investors’ latent gains have grown rapidly, with profitability expanding in a near-exponential trajectory. This behavior reflects how the price’s upward momentum is significantly expanding the accumulated gains of investors. Carmelo Alemán – On-Chain Analyst – CryptoQuant Verified Source: CryptoQuant

Yesterday, the $84K resistance was broken on the daily chart, leaving the price with a clear path toward the $90K zone, where the next significant resistance lies. This breakout confirms the continuation of the bullish structure and signals the onset of a new bullish market phase, or Bull Run. Although the price is still primarily driven by futures, many of these positions remain open for months, sustaining upward pressure on the price. Over the coming months, spot investors are likely to join in, adding new demand and providing further support and momentum to the bullish movement. Carmelo Alemán – On-Chain Analyst – CryptoQuant Verified

Bitcoin 09/21/2026 New bullish momentum accompanied by a significant increase in open interest Bitcoin’s price has initiated a new bullish momentum, once again accompanied by a substantial expansion of open interest in derivatives markets (futures). Between September 20 and 21, Open Interest rose from $26.874B to $29.283B, representing an increase of approximately $2.409B (+8.96%) in just 24 hours. During the same period, Bitcoin climbed from $81,160 to $86,627, recording a price appreciation of 6.74%. This expansion in open interest indicates a significant rise in derivatives exposure, coinciding with the upward price movement. Additionally, the heatmap suggests that part of this momentum was fueled by the liquidation of short positions. The upward breakout absorbed liquidity zones located above the price, accelerating the move through a short squeeze and cascading liquidations. However, the increase in open interest alone does not confirm that the move is supported by sustained demand in the spot market. Carmelo Alemán – On-Chain Analyst – CryptoQuant Verified Source: CryptoQuant and TradingDifferent #BTC

BTC 09/20/2026 Fifth test of daily resistance at $81,200 Following a two-day rally driven primarily by the futures market, Bitcoin has once again encountered daily resistance at $81,200. This marks the fifth time in the past 18 days that the price has reached this level without breaking through, preventing access for now to the next resistance zone around $84,000. If Bitcoin were to break and sustainably close above both resistance levels, we could be on the verge of initiating a new bull market—especially if the move is supported by significant capital inflows into the spot market. Carmelo Alemán – On-Chain Analyst – CryptoQuant Verified

Explanation of the different BTC rallies

From August 18 to August 24, Bitcoin’s Realized Cap increased from $1.057 trillion to $1.063 trillion. This represents a net inflow of approximately $5.261 billion into the spot market, a 0.50% increase. However, during the same period, Bitcoin’s price rose from $62,676 to $79,951, a 27.56% increase. The strong divergence between the modest rise in Realized Cap and the sharp price surge indicates that this movement was primarily amplified by futures and leverage, rather than significant capital inflows into the spot market. Carmelo Alemán On-Chain Analyst – CryptoQuant Verified Source: CryptoQuant #BTC

Over the past three days—August 19, 20, and 21—the price of BTC rose exponentially from $63,664 to $79,310, an upward movement of over $15,600. This sharp price shift triggered a significant cascade of short position liquidations across the derivatives market, affecting both Bitcoin and Ethereum. During these three days, short liquidations reached: Bitcoin: $1.298 billion Ethereum: $889 million In total, more than $2.188 billion in short positions were liquidated in just three days. Was this rapid movement in BTC organic, or was it forced? What do you think?

After three consecutive days of gains, during which Bitcoin rose over $15,600 on Wednesday, Thursday, and Friday, the price unexpectedly reversed sharply yesterday, triggering a significant cascade of long position liquidations. Liquidations reached: Bitcoin: $1,013,744 Ethereum: $64,481,407 This movement once again highlights how, after several days of strong rallies, accumulated excessive leverage in long positions can be swiftly punished by a price pullback. Carmelo Alemán On-Chain Analyst – Verified by CryptoQuant

BTC 07/29/2022 On the daily timeframe, a significant reduction in volatility is clearly observable. Bitcoin remains range-bound, trading within an approximate $3,000 range, failing to sustainably break through either upper resistance or lower support levels. Over the past two sessions, this compression has intensified further: price movement has narrowed to approximately $2,000. The price is currently trapped between two key technical zones: Immediate Resistance Levels: • $65,348 • $66,083 • $66,526 Primary Support Levels: • $62,273 • $59,941 • $58,509 As long as Bitcoin remains within this structure, no clear directional bias is evident. What we are witnessing is a phase of consolidation and volatility compression. If selling pressure increases significantly and the price breaks below current support levels, Bitcoin could decline to levels below $60,000 and remain in that zone for an extended period. Conversely, to reestablish a more favorable structure, the price must break above and sustainably close above the resistance cluster between $65,348 and $66,526. Such periods of compression often precede a major expansion in price range. However, the direction should not be anticipated—the confirmed breakout of any of these levels will determine the next significant move. For now, Bitcoin is not developing a clear trend; it is accumulating tension within an increasingly narrow range. Lower volatility today may signal a more violent expansion tomorrow. By Carmelo Alemán On-chain Analyst | Verified CryptoQuant

07/17/2026. Bitcoin continues to lack structurally positive demand. BTC demand has remained in negative territory since January 13. Since then, this weakness has been accompanied by a progressive contraction in blockchain activity and a sustained loss of buying momentum. When the metric turned negative, Bitcoin was trading near $92,567. Currently, with the price around $64,832, the market has experienced an approximate 30% correction. The most significant point is not merely the price decline, but that it has occurred while Demand Momentum continued to deteriorate. As of July 15, the metric recorded approximately −706,000 BTC, while its 30-day moving average remains even lower, near −747,000 BTC. Although the indicator has begun to recover from its June lows, it remains clearly in negative territory. This means there has not yet been sufficient demand recovery to confirm a structural trend reversal. Continually falling prices alongside persistently weak demand are characteristic features of a bear market. For a solid recovery to be declared, a mere short-term price rebound would not suffice. A sustained improvement in demand, a recovery of its moving average, and ultimately the return of the metric to positive territory—among other factors—would be required. Source: CryptoQuant By Carmelo Alemán On-Chain Analyst | Verified CryptoQuant #Bitcoin